Quick thoughts from the conference - I went through 5 days of non stop 14 hour meetings. These are my thoughts 1. Trading There is ALOT of unrealized PnL. The current "bull market" has helped many participants move past the initial fear stage. I hear many participants giving out outlandish price targets again - people have made 50%-70% over the last 2 months even in size. Their first response on a dip is - what should i be buying? There is alot LESS retail. This conference felt emptier and less glitzy. Budgets are lower. There is also alot less retail that i have met or bumped into. Most participants are instis, prosumers and grizzled veterans. Not ideal. This is also perhaps why memes have NOT performed thus far and we have instead seen "Cashflow" as a meta instead. 2. Theme AI is front and center. Crypto participants are way ahead of the AI narrative - most people understand that AI is a force that is staying with us. Whether we like it or not. Which brings me to the next point ... pearl-2:native Every single day, i have been hearing people talking about this token. On a token event organized by one of the alt coins, the person sat next to me could NOT stop talking about it. He was also under allocated. This token has been tremendously difficult to buy. During the pearl-2:native event itself, i have also seen many funds who are unallocated or under allocated still on this. Given the size of the narrative, i would say that most people are under allocated.PRL cost of mining is also ~2.5, hence mining pearl-2:native and dumping it is economically retarded or unfeasible. The current crop of miners are those operating with already almost fully depreciated GPU chips. To them, they ignore the opportunity cost of GPU rental and just take the electricity cost as their basis. A lot of the miners also sold down ZEC below $100... you cannot imagine how much regret they have. For its market cap, this has been one of the largest attention grabbing tickers. My conjecture on why - there has not been any good AI narrative tokens thus far. 3. Where is the money? On relative wealth - crypto used to be the big splasher - no longer. In prior cycles, crypto events ALWAYS outspent the tradfi events. This year? Less so. In fact, crypto almost feels restrained.... The biggest spender on the events have been the 3rd tier shady exchanges. There is almost an inverse correlation between reputation and the money spent.