Why this is the worst crypto winter ever: AI crowds out crypto for mindshare and power grid access, crypto is mainstream, gold beats BTC as a safe haven, more
and delivered. A few who stayed to push “adoption” got rich.The Plebs got smoked In the meantime China caught up with AI. The rest is just shaving.Mario S. /@covered_call:According to Artemis data DATs are down ~$25B cumulatively, with zero above their cost basis. https://app.artemisanalytics.com/ ... [image]Jay Yarow /@jyarow:You know the bottom is in when the most square MSM people are talking about itJoe Weisenthal /@thestalwart:This is the key thing. It's not about price. It's about loss of
Bloomberg
Discussion
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@an10nev
@an10nev
on x
Very good. Last two bullets important.
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@zherbert
Zach Herbert
on x
Epstein? Quantum? AI (which is beautifully synergistic with Bitcoin)? FUD is off the charts and not even close to rational.
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@mert
@mert
on x
@TheStalwart lol it's none of these it's simply the spot:derivative ratios being out of whack due to colossal leverage
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@cmilakgun
@cmilakgun
on x
TL;DR Why this might be the worst crypto winter, even worse than FTX or 10/10? Author's thesis: This may not be the biggest drawdown ever, but it's the most structurally negative environment crypto has faced because multiple support narratives are breaking at once. Main
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@ljkawa
Luke Kawa
on x
TL;DR: you've run out of baggies
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@blknoiz06
@blknoiz06
on x
@TheStalwart definitely agree with most of these esp the ai risk for tech talent & hardware, but there's definitely still a ton of ppl online on crypto twitter, bitcoin & ethereum are pretty fragmented but hyperliquid & solana are likely the most close knit communities atm
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@muyaoshen
@muyaoshen
on x
@TheStalwart @Crypto_McKenna I think this is worse than FTX because crypto was saying back then that FTX wasn't a crypto specific scam. But now feels more like a real identity crisis for crypto
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@tomlefevre
Tom Lefevre
on x
@TheStalwart Think a part of it is that “the crypto president” is increasingly a liability
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@bykatherineross
Katherine Ross
on x
i don't think it was necessarily a “last gasp” for the entire industry, but it definitely seems to have marked the ending of a chapter. i'd argue crypto's now in an institutional era and that means there's a lot of uncomfortable change taking place
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@zavcorin
Zav Corin
on x
@TheStalwart Crypto's main legacy : it accidentally gave the U.S. an edge in AI deployment. An entire “web3” industry quietly pivoted to AI—and delivered. A few who stayed to push “adoption” got rich.The Plebs got smoked In the meantime China caught up with AI. The rest is just s…
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@covered_call
Mario S.
on x
According to Artemis data DATs are down ~$25B cumulatively, with zero above their cost basis. https://app.artemisanalytics.com/ ... [image]
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@jyarow
Jay Yarow
on x
You know the bottom is in when the most square MSM people are talking about it
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@thestalwart
Joe Weisenthal
on x
This is the key thing. It's not about price. It's about loss of faith and industry demoralization.
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@crypto_mckenna
McKenna
on x
It may be the worst sentiment I've seen since FTX.
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@thestalwart
Joe Weisenthal
on x
Crypto has had bigger drawdowns before. But this is definitely the worst crypto winter ever. Writing about it for today's newsletter, which you can sub to here. https://www.bloomberg.com/...
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@thestalwart
Joe Weisenthal
on x
This crypto winter is hitting different
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@thestalwart
Joe Weisenthal
on x
no [image]
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@thestalwart
Joe Weisenthal
on x
This is the most brutal crypto winter ever. Nobody's even joking about it in a self effacing way. And if there were anyone doing the meme, you wouldn't see it because there's no crypto twitter anymore.
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@marypcbuk
Mary Branscombe
on bluesky
turns out the ‘future of money’ isn't useful enough to deliver any of what it promised [embedded post]