Crypto is BOTTOMED. Is the Bear Market OVER? - Market Updates & News (LIVE)
Watch on YouTube ↗  |  February 10, 2026 at 23:58 UTC  |  3:02:04  |  Thread Guy
Speakers
Thread Guy — Host
Tim Draper — Venture Capitalist
Alon — Founder of Pump.fun

Summary

  • The host argues that while the broader crypto market (Bitcoin and Alts) is stagnant or bearish, the intersection of Crypto and AI Agents is the only sector with genuine velocity and innovation.
  • A detailed comparison to the Dot-com bubble suggests the current AI market is nowhere near a top; NASDAQ PE ratios are currently ~25x compared to ~100x in 2000, and current leaders (Nvidia, Google) are highly profitable cash cows unlike the revenue-less startups of 1999.
  • The "Agentic Economy" is identified as a new asset class where AI agents transact on-chain; infrastructure facilitating this (specifically wallets and payment rails for agents) is the highest conviction trade.
  • The host is extremely critical of the current state of "legacy" altcoins and crypto stocks (Coinbase, Robinhood), noting broken charts and a lack of innovation compared to the AI sector.
Trade Ideas
Ticker Direction Speaker Thesis Time
LONG Thread Guy
Crypto influencer, independent
The speaker compares the current AI market to the Dot-com bubble. He points out that in 2000, the NASDAQ traded at a 100x PE ratio with unprofitable companies (Pets.com), whereas today it trades at ~25x PE with massive profitability from hyperscalers. He explicitly states, "We have a lot higher to go." The fear of an "AI Bubble" is premature based on historical valuation metrics. The infrastructure build-out is still in the "David Letterman/Bill Gates" phase (early skepticism) rather than the "Steve Ballmer" phase (peak euphoria). Consequently, the leaders in this sector have significant upside remaining before reaching mania levels. LONG. The macro backdrop supports continued expansion of AI infrastructure valuations. A sudden macro recession or regulatory crackdown on AI development. 145:42
LONG Thread Guy
Crypto influencer, independent
The speaker highlights "Banker" (Bankerbot) as the "Stripe for crypto wallets" for AI agents. He notes that agents cannot safely use credit cards due to security risks (prompt injection), making on-chain wallets essential. He cites data showing Banker revenue is $200k-$500k/day and it is becoming the default SDK for new agents. If the "Agentic Economy" thesis holds true—where AI agents autonomously transact—they require a secure, trustless financial layer. Banker creates a moat by handling private keys and complex transactions (text-to-onchain) that raw LLMs cannot do safely. As more agents launch, they will default to this infrastructure, driving volume and fees to the protocol. LONG. It is the "pick and shovel" play for the AI Agent meta. Smart contract risk or a competitor (like Privy) capturing the market share for agent wallets. 103:48
AVOID Thread Guy
Crypto influencer, independent
The speaker explicitly says, "Bitcoin kind of looks terrible" and "Alts look really terrible." He singles out specific tokens like Jupiter and Athena as having "unprecedented levels of down only." The market is bifurcated. Liquidity is trapped or leaving legacy assets, while only the specific "AI x Crypto" narrative is catching a bid. Holding broad market beta (generic alts or BTC) is dead money in this environment. AVOID. Capital preservation is preferred over holding stagnating majors. Bitcoin dominance could shift suddenly if macro conditions (rates/liquidity) change favorably. 6:54
AVOID Thread Guy
Crypto influencer, independent
The speaker reviews the charts for crypto equities, noting Coinbase is "atrocious" (down ~67% from local highs) and Robinhood is down ~53%. He describes the charts as "broken." These assets are proxies for retail crypto engagement, which is currently low outside of the niche AI bubble. Without a broad retail return to crypto trading, these stocks lack the catalyst to reverse their downtrends. AVOID. The technical damage is severe and the fundamental driver (retail mania) is absent. A sudden, broad crypto market rally could trigger a short squeeze. 46:29
LONG Thread Guy
Crypto influencer, independent
The speaker states, "There are some things that are happening that are exciting in crypto right now. And dude, they're just happening on Base." He contrasts this with the stagnation seen in other chains. Capital and attention are rotating from legacy chains and even Solana towards Base due to the proliferation of AI Agent projects (like Banker and Clanker) launching there. This concentration of innovation creates a flywheel effect for the Base ecosystem. LONG. Follow the developer and innovation migration. Base does not have a native token, so exposure must be through ecosystem assets which carry higher volatility.