Crypto Sentiment Is Down Bad. The Reality Is Far Different, Says Ryan Watkins

There's been, I think, an enormous amount of selling from kind of the OG Bitcoiners throughout this period. Like, the the most effort throughout any cycle. I mean and this is, like, the common story that, you you know, people will be able to talk about now. But there's, like, so many wallets that, like, literally did not touch their Bitcoin for ten years or or twelve years. And they held through 80%, 90% drawdowns multiple times seeing their net worth being incinerated and did not sell a dime of Bitcoin. And now they're finally starting to sell, and they're selling the most they ever have. Hey, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host, Laura Shin. Thanks for joining this livestream. Before we get started, a quick reminder, nothing you hear on Unchained is investment advice. This show is for informational and entertainment purposes only, and my guest and I may hold assets discussed in the show. For more disclosures, visit unchainedcrypto.com. This episode is brought to you by Adaptive Security, the first cybersecurity company backed by OpenAI. As AI makes deep fakes and synthetic identities easier than ever, Adaptive helps companies test and strengthen their defenses. Learn more at adaptivesecurity.com. If crypto taxes feel overwhelming, you are not alone. That's why CryptoTaxGirl, a team that's been helping crypto investors since 2017, is offering $100 off on one on one crypto tax help. To get $100 off your crypto tax services, go to cryptotaxgirl.com/unchained. Again, that's cryptotaxgirl.com/unchained. Today's second guest is Ryan Watkins, cofounder of Synchrony Capital. Welcome, Ryan. Hey. Thanks for having me on again. You recently wrote a post on x saying that crypto is at a stage of development that you called the twilight zone. And you said that this is the largest transition period you've seen since joining the industry eight years ago. Explain more about what you mean. Yeah. So I think the the reason why I I framed it as, like, the the twilight zone is to just I I think it's, like, a good metaphor for this transition between either sunrise and or sorry, night and and morning or, like, the sun setting and going into into the night. And the reason why is because I think there's so many different contradictions that I'm seeing across the asset class where, you know, you'll have, like, institutions that are super excited about Bitcoin and tokenization and stablecoins, and they think this is, like, this big secular trend. Then you have people been here for a long time that are, I mean, burning out or or checking out. And they're like, you know what? I don't wanna deal with this anymore. I'm just gonna go sell my coins. I'm gonna go trade stocks or they're really bearish on all this stuff for for some reason. I'm trying to reconcile, like, what what exactly is is going on here because, it it's just one thing to say that, …