Chris Giancarlo

"It does feel to me like the market is bottoming... prices are a lot lower... risk reward looks better." The "10/10" crash flushed out leverage and retail tourists. Sentiment is at rock bottom ("Bitcoin's obituary"). Historically, when retail leaves and institutions/regulators (Warsh/Bessent) step in with favorable policy, it marks the cyclical bottom. LONG. "Just wait" is the strategy. The flush is complete, and the regulatory setup is the best it has ever been. A second leg down if the "10/10" structural damage (bad debt) isn't fully resolved.

"It does feel to me like the market is bottoming... prices are a lot lower... risk reward looks better." The "10/10" crash flushed out leverage and retail tourists. Sentiment is at rock bottom ("Bitcoin's obituary"). Historically, when retail leaves and institutions/regulators (Warsh/Bessent) step in with favorable policy, it marks the cyclical bottom. LONG. "Just wait" is the strategy. The flush is complete, and the regulatory setup is the best it has ever been. A second leg down if the "10/10" structural damage (bad debt) isn't fully resolved.