It has been a while since I shared any views on bitcoin:native and crypto in general. I always felt, and mentioned several times, that the only use case for crypto is speculation, and once that speculation goes elsewhere it is always a bad time. While blockchain is a great success in that it facilitates stablecoins and allows tokenised TradFi assets for equities and commodities, which clearly did not go unnoticed by the TradFi space, as CME is listing futures for stocks, allowing 24/7 trading for crypto, and the US seems to be in the early stages of allowing perps and so on, this does not really translate into 99% of token prices at all. There are obviously some outliers, which usually fall into either the TradFi adoption, AI, or privacy narrative. You can probably count the number of those tokens on one hand, while the rest is a completely useless VC and insider fest that resembles the euthanasia rollercoaster chart. Bitcoin itself has lost a little of its charm, and there is definitely an opportunity cost in focusing on an asset where one crackhead market is buying (and selling now) on repeat, while any stock that even remotely touches AI is teleporting like it is the dot-com bubble again. Because of this, I think looking at the crypto market as a whole has sort of lost its meaning. While the correlation is still there, it does not make much sense to wait for a market capitulation event. Rather, it makes more sense to spend your time focusing on the flavour-of-the-week or month coins that can clearly run, as we saw with HYPE, ZEC, and a few others. For BTC, I do not really see much appeal in buying here, considering OI is much higher relative to the yearly low compared to price, funding rates have not seen any decline during this rally, and skew is not showing any strong put demand, which we tend to see at bottoms. The next reasonable level, if price continues dropping, would be a show of strength below the yearly lows. But all things considered, with the current narrative and lack of interest in BTC, I do not feel like this is an environment where it makes sense to try and catch a falling knife if you are not looking for a quick scalp.(Adam)