Crypto PTSD tells me SPCX will end up as crypto hyped low-float/high-FDV token launches. Tradfi is at the 'High-FDV is a meme' stage crypto was 2 years ago. But SPCS can't do 10x at current valuations, especially as unlocks start. Meaning all upside to IPO was taken by insiders. Retail is exit liquidity. Exactly, the set up that Cobie criticized within crypto high-FDV launches. Crypto's mission is to fix this by giving access to retail at lower valuations. But pre-IPOs aren't it. Anyone who bought the pre-ipo perps at 1x-like leverage are underwater. At least we can easily short it. Worse, PreStocks trades at 41% DISCOUNT and 'early' retail crypto degens got rekt. So, crypto x Tradfi merge means that crypto investors are exit liquidity to hyped IPOs. To fix this we still need native crypto assets to do well, those like are born onchain with broad distribution like mining, fair launches or airdrops. When we return to this key crypto value proposition and we start winning, retail will come back to crypto.(Ignas | DeFi)