Delphi Digital: Speculation will be the theme of the next decade; recommends holding trading platforms rather than traded assets

October 21 – According to Delphi Digital, its analyst Jason Pagoulatos released a report stating that the AI infrastructure boom, along with speculative demand driven by pressures from housing, debt, and employment, are currently intensifying simultaneously. The report recommends holding the platforms that match trades, rather than the assets traded on those platforms. The report disclosed that Kalshi and Polymarket had a combined trading volume of $530 billion in July this year, roughly 25 times the same period last year; Robinhood's event contract revenue in the second quarter was $156 million, exceeding its equities ($129 million) and cryptocurrency ($100 million) businesses. The report lists Hyperliquid and Lighter as representatives of on-chain platforms, and flags litigation risk and the risk that platform revenue fluctuates with market cycles.