Draper observes a cyclical wash-out of leverage in crypto but notes Bitcoin's unique position as a transparent, immutable record keeper. Regulatory clarity in the US will drive a "gravitational pull" specifically toward Bitcoin, separating it from the broader "altcoin" market. As leverage unwinds, capital concentrates in the highest-quality asset (BTC). LONG BTC. Over-regulation or a global ban on crypto on-ramps.