IT’S TIME TO ACKNOWLEDGE SND ADMIT THE CRYPTO MARKET IS BROKEN! At some point we need to admit that something is structurally broken in the crypto market! 2025 was a year with all the necessities for a bull market. We had liquidity, We had a pro-crypto US government. We had ETFS. We had Saylor buying $1bn a week. We had DATs. We came off a low base (Biden and Harris) We had nation states and sovereign funds buying. We achieved scale. We have Gold, Silver, Nasdaq and Russell 2000 all at all time highs. Even with all the above, we are ending 2025 lower and only 20% where we were with Biden. I’ve seen many theories, the “IPO moment”, “the trapped liquidity” , “the 4-year cycle” - but all of these seem like desperate attempts to justify a market that doesn’t make sense. So, what happens next? There are 2 options; 1. We discover what’s actually broken and who is selling. When we do, in hindsight it will be obvious! 2. We have the mother of all catch up trades! Because that’s how markets work. They can separate from where they are supposed to be for short periods but they always come back to equilibrium! My hope is for the latter. My bet is that we will soon find out what actually broke! Happy 2026!(Ran Neuner)