Must admit, the sentiment behind the scenes is quite negative. LIBRA's flop, and the most recent security breach on top of the macro uncertainty are casting a shadow over the short term. Still, looking at the bigger picture, I'm optimistic.
In a healthy bull market, you can see 6-8 pullbacks of 10% or so. We saw this in 2017, 2020, and 2021. The dips are just part of the ride, not the end.
What Bybit pulled off - managing and surviving the largest monetary hack/one of the most complex security attacks ever conducted is a sign of the industry's maturity and resilience of market participants.
Memecoins? They're here, for better or worse. Like any new incubation - some parts of the innovation you love, some you don’t. But that’s how it goes when something’s still finding its footing.
Looking mid-to-long term, there's a lot to feel good about. The U.S. has its most pro-crypto, pro-innovation government yet, and others are coming around— e.g. a sovereign wealth fund buying BTC- it's a big milestone, even if market reaction stayed muted.
There’s still so much untapped potential. Most RIAs, 401ks, and pensions can’t even touch BTC yet. By our estimates, 70% of investable assets in the U.S. are still locked out of BTC and ETH ETFs, with brokerage firms citing risk concerns. Part of the ETF flows we're seeing stem from basis trading, not broad adoption. The market’s barely been scratched.