AllianceDAO and FOMO Co-founder's Latest Holdings: 70% in US Stocks, Crypto Only BTC and Zcash

Original title: Has the bottom arrived? What are the "buddies" buying!
Original source: Steady Lads podcast
Original compilation: Shenchao TechFlow

Disclaimer: The guests on this episode have significant financial ties to the assets discussed. Qiao Wang's institution holds a large number of early-stage Web3 projects, and he personally is heavily invested in US stocks, BTC, and Zcash; Tiki holds S&P 500, Treasury bonds, and a large collection of physical Pokémon cards; Justin holds Zcash and Lit airdrops; Jordy holds BTC and Hyperliquid (Hype); Dimma holds Near and Grass; the data shared by the FOMO co-founder has strong user acquisition and product promotion motives. This episode faithfully presents the guests' actual holdings and logic, and does not constitute independent third-party investment advice. Readers are responsible for their own wallets.

Introduction: This is the comeback debut of the Steady Lads podcast after a four-month hiatus, coinciding with Bitcoin reclaiming the $80,000 mark. Unlike previous episodes that focused on broad market trends, the highlight of this episode is that several veteran insiders directly revealed their current real portfolios. The results are surprising. In a circle believed to be full of overnight riches, the real smart money is retreating en masse to traditional financial assets. Or they are concentrating funds into a few highly certain targets. The vast majority of altcoins have been completely abandoned.

Key Takeaways

· Revealing the real holdings of 5 big names: The greatest value of this episode is puncturing the illusion of holdings in the crypto space. Qiao Wang has 70% to 80% of his funds in US stocks, with only BTC and Zcash remaining in crypto. Tiki executes an extreme barbell strategy, holding S&P 500, Treasury bonds, and approximately $3 million worth of physical Pokémon cards, and explicitly states he is bearish on almost all other tokens. Jordy's core position is heavily in BTC, retaining some Hyperliquid but acknowledging its valuation is already too high. Justin bought spot Zcash at the bottom and kept early Lit airdrops. Dimma holds AI-related tokens such as Near and Grass.

· Consensus on Zcash's decade-long bottom: Zcash has become a common heavy position for Qiao Wang and Justin. The core logic is that its decade-long shakeout has completely cleared the selling pressure from early investors. On the chart, it has formed a massive bottoming pattern spanning ten years. Compared to chasing BTC, Zcash, with the same supply but an extremely low price, offers an excellent risk-reward buying opportunity.

· The truth about liquidity drying up in fringe tokens: Except for a very few top assets, most tokens have been blacklisted by the guests. In stark contrast, data shared by the FOMO co-founder shows that about 40,000 non-crypto-native users flood into mobile meme trading every day. Retail money is being drained through this extremely low-barrier "social game," while traditional classic tokens are ignored.

· Divergent views on macro bottom: Regarding Bitcoin's recent massive volatility, Jordy believes that with the dollar depreciation narrative, the correlation between gold and Bitcoin has hit a historic high, and funds are rapidly returning. Justin, who strictly follows the four-year cycle theory, believes it is too early to call a bottom. With insufficient risk-reward, he thinks chasing Bitcoin is not as good as buying US AI tech stocks.

Highlight Quotes

On real holdings and defense "About 70% to 80% of my funds are in US stocks, and in crypto I only hold Bitcoin and Zcash. In this high-risk industry where prices can drop 50% in a day seemingly without reason, you have to stay rational." (Qiao Wang) "My strategy is a standard barbell strategy: on one side are S&P 500 and Treasury bonds, on the other side are my $3 million worth of Pokémon cards. I am extremely bearish on the vast majority of tokens." (Tiki)

On Zcash's decade-long bottom "Zcash's logic hasn't changed in ten years. Most importantly, early investors who wanted to sell have already sold, and miner rewards have dropped significantly. Now buying pressure finally exceeds selling pressure." "Look at its long-term chart; it contains three rounded bottoms nested into a massive bottoming accumulation pattern spanning ten years. This is the most perfect chart structure you can find."

On the nature of mobile trading "Traditional puzzle mobile games can earn a billion dollars a year. Mobile token trading is essentially a social game with a lower barrier and real money incentives." "Users don't care about the underlying chain. Yesterday, out of 110,000 daily active users, 90,000 traded assets on the Robinhood chain, 100,000 on Solana, and the experience was completely seamless."

1. The real cards of 5 big names: Besides Bitcoin, what else are they buying?

In the latter half of the episode, everyone played a game called "Reveal Your Briefcase," and these veterans who have been through the crypto market for years successively revealed their current real liquid holdings. This data brutally proves one point: smart money is no longer searching for treasure in the junk.

Qiao Wang (Founding Partner of Alliance DAO): His institution has widely invested in many emerging Web3 projects, but his personal liquid asset allocation is extremely conservative. He has locked 70% to 80% of his position in US stocks. Among the remaining crypto assets, he has completely abandoned various small-cap coins, keeping only Bitcoin and Zcash. In terms of risk-adjusted capital allocation, the money he spent on Zcash is even comparable to his US stock holdings.

Tiki: He employs the most extreme "barbell strategy" (one end extremely stable, the other extremely high risk). His stable end is S&P 500 ETFs (exchange-traded funds) and US Treasury bonds; the high-risk end is approximately $3 million worth of physical Pokémon cards. When questioned by other guests, he said bluntly: "Unless it's a project I invested in early, I am extremely bearish on all tokens currently on the market."

Jordy: His absolute core position is Bitcoin, and he has accumulated a large amount. In altcoins, he retains some Hyperliquid (Hype) position. He is very clear-headed in pointing out that Hype's current P/E valuation is overly inflated. The current price support relies more on retail sentiment buying, which is unsustainable in the long run. So he has been taking profits on rallies.

Justin: He performed tax-loss harvesting near the market bottom (around $1), then bought a large amount of spot Zcash. In addition, he still retains early Lit airdrops, currently holding about 80% of the initial allocation.

Dimma: He is one of those who relatively prefers hot narratives. He holds some AI-related tokens with fundamental support such as Near and Grass, and also has a growing early-stage AI token VC portfolio.

2. Why Zcash? Decade-long massive bottom and "AI currency" expectations

Among the holdings of these big names, Zcash became the most frequently mentioned and heavily invested single asset. Qiao Wang provided a complete buying logic.

Fundamentally, Zcash's core features of privacy and quantum-resistant have been tested by the market for nearly a decade. In terms of token distribution, the eight to nine years of shakeout have allowed early institutional investors and the team to distribute all their chips. With the halving cycle progressing, miner selling pressure has also greatly diminished. Now, new market buying power is finally beginning to overwhelm historical selling pressure. A few days ago, even when a whale cross-chain and sold $50 million worth of ZEC at once, the market absorbed it smoothly without a significant price crash.

From a technical chart perspective, Qiao pointed out that Zcash has formed an extremely rare long-term structure: several smaller rounded bottoms continuously nested, ultimately converging into a massive bottoming accumulation pattern spanning ten years.

Even more imaginative is the valuation comparison. Bitcoin can hardly provide hundred-fold returns to ordinary newcomers anymore, but Zcash's total supply is exactly the same as Bitcoin's, while its current price is only about one percent of Bitcoin's. The podcast guests reasoned that after Bitcoin occupies the "digital gold" niche, the market desperately needs a native "privacy AI currency" to absorb new capital overflow, and Zcash is quietly occupying this niche.

3. The real flow of outside capital: 40,000 newbies flood into mobile games every day

While insiders are still staring at various classic fringe tokens, Se, co-founder of the FOMO trading app, brought a set of data that is a dimensional strike: they currently acquire about 40,000 real new users per day from app stores, the vast majority of whom are non-crypto-native pure outsiders.

Their core user acquisition method is UGC (user-generated content) marketing, spending $100,000 to $150,000 per month to sponsor social media creators, successfully breaking through the information barrier of ordinary people by showing real trading records and material life.

In product design, FOMO completely abandons the complex concept of "public chains." Yesterday, among 110,000 daily active users, 90,000 traded assets on the Robinhood chain, 100,000 participated in Solana, and 60,000 participated in Base. Users do not need to switch wallets or cross-chain; all assets are traded seamlessly within the same interface. In addition, FOMO charges only a 0.5% fee, far lower than Coinbase's retail rate of up to 2.5%.

Se's conclusion is sharp: these token trades on mobile are essentially a social game with real money incentives. Traditional puzzle games can earn a billion dollars a year, and the crypto circle has packaged financial speculation as a mobile game, creating a business loop far larger and more addictive than traditional games.

4. Macro debate: With rate cut expectations, chase Bitcoin or embrace US stocks?

Regarding Bitcoin's recent massive volatility of $20,000 in a single week, the guests gave completely different expectations.

Jordy believes that with the Fed's pivot expectations and clear macro signals of dollar depreciation, the market can no longer find better safe-haven assets than gold and Bitcoin. Bloomberg data shows that the correlation between gold and Bitcoin has hit a historic high, and traditional institutions are buying both simultaneously.

Justin is relatively cautious. He strictly follows the four-year cycle theory and believes it is too early to confirm a bottom now. He did the math: if Bitcoin bottoms at $60,000, buying at current prices, relative to the projected top of $125,000 from the previous cycle, the upside potential is less than double. With insufficient risk-reward, he would rather put that money into US AI tech stocks.

Regardless of which way the market goes, the consensus reached by these veterans is very consistent: put money in the most liquid top traditional assets, or concentrate on a very few targets with solid logic, and completely abandon fringe assets without real cash flow.

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