For 18 months, the crypto pitch to allocators was simple: ETFs brought in real money, regulation was coming, and Bitcoin had decoupled from degen retail. Mature asset class. Uncorrelated store of value. Digital gold.
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CEO Notes
Why crypto broke
Three pipes burst at the same time: the U.S. Treasury sucked $200B out of bank reserves, Japan ended 30 years of free-money leverage, and AI's hype cycle suddenly became a risk event.
