I personally feel crypto sentiment is the worst.

More depressing than 2018, Covid or FTX crash.

- 2018 was indeed early. Even if we didn't know if crypto survives, stakes or failure were lower. Our (my) bag exposure was lower.

- Covid crash was severe and for a moment I'd thought IT"S ACTUALLY OVER. But it was brief and recovery came quickly

- FTX crash happened after huge progress in mainstream crypto adoption and retail interest. We felt validated and even memed Facebook into rebranding to Meta. Innovation was all over us and crypto was the future. FTX crash was just a necessary blood letting and leverage wipe out but crypto future was not in doubt.

This time is different.

We've got all we wanted: ETFs, regulatory approval, institutional adoption, on top of macro environment that was supposed to validate BTC.

Yet market is crashing while every other macro asset is going higher.

You'll see doubts of BTC as macro hedge. It's THE MOST IMPORTANT test for BTC. Without this story that Blackrock is pushing to institutions, current BTC's market cap seems high.

Quantum FUD is existential for BTC.

After Covid and FTX crashes people still believed in alts. Remember how consensus was to load on ETH and alts on the FTX crash dip?

Yet now there's belief that alts are severely overvalued for fundamentals. Speculative premium collapsed.

Equity vs Token value accrual debate is making a joke of altcoins.

ETH is valued on same fundamentals that in no way could justify current market cap. Competitors are also entrenching into its 'institutional adoption' territory.

Innovation plateaued. Radical innovation is rare, and the degen spirits for experimenting with new tokenomics is low.

After exploring numerous narratives and facing repeated failures, exhaustion is real, and the curiosity to try new things is at an all time low.

DAOs and decentralization is considered failing experiments. Many DAOs are shutting down the 'decentralization theater.'

We're are not early anymore like 2018.

True, RWAs and tokenization is massive validation for our industry yet institutions are using our open source infra by building there own solutions and skipping crypto natives.

Prior to 2022 we believed institutions would buy our bags as they adopt crypto.

Even if they do, they acquire TEAMS with equity leaving token holders behind.

And to put a cherry on top, unstable geopolitics adding increased sense of cautiousness making crypto degens focus on protecting what we've already got instead of instilling degen bullishness needed for prices to go up.

This is a depression stage of the market that can last for a while.

I do still believe the future for crypto is bullish.

But we do need a period of reflection, resting, and recovering our high spirits before we go higher.

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