Founder’s Talk EP3 ｜NDV Partner: Bear market nearing its end, four-year cycle no longer valid, family offices leading Asia’s entry The Round Trip’s new series, Founder’s Talk, focuses on entrepreneurs in the crypto space, diving deep into their visions, strategies, and the foundational infrastructure they’re building. In this episode, we chat with NDV @NextGen_Venture partner Jason Huang @Jhy256. He entered the market at the tail end of the last bull run and founded the institutional fund NDV during the bear market. With his experience in allocating crypto stocks and Bitcoin-related assets, Jason offers an institutional perspective on the current crypto market. He explains why Bitcoin’s traditional “four-year cycle” has failed and provides evidence suggesting the bear market may already be over. He then delves into why Asia’s new elites are gravitating toward Bitcoin’s network effects and reveals how ETFs are reshaping market volatility, capital flows, and have effectively killed this round’s “altcoin season.” This leads to the critical question: In an era dominated by institutions, can Bitcoin still achieve 5–10x growth? Finally, Jason shares his outlook on the key sectors most likely to define 2026 and introduces what he calls the crypto version of the 3 L’s—those silent, deadly traps that consume most investors. ️ Timeline 00:01 Opening 00:49 Entering at the tail end of the bull market, founding NDV during the bear market 02:29 Institutional attitude shift toward crypto asset allocation 03:05 How traditional investors currently view crypto and blockchain 04:02 Why the “four-year cycle” is no longer valid 05:33 The bear market is essentially over—why? 06:49 Why tech wealth is more inclined to embrace Bitcoin’s network effects 08:36 Why exchanges + stablecoins are the real business in the crypto world 11:57 Structural changes ETFs bring to the crypto industry 13:25 Can Bitcoin still rise 5–10x in the future? 15:28 DATs vs ETFs—what’s the difference? 19:00 NDV’s investment strategy 20:26 Exchange valuation framework 25:26 2026 outlook: Opportunities in stablecoins, on-chain payments, and new FinTech sectors