The Crypto Market Structure Has Changed and Rising Tides May No Longer Lift All Boats

In prior cycles, you could be you could be pretty passively allocated and do very, very well. And I don't think that's I mean, it's clearly not the case anymore and hasn't been for some time, at least the last year and a half. Right? I think in order to do well, you needed to be very, like I mentioned, I think earlier, very discerning, very disciplined, and, and really pick pick your moment. I think, like, we're missing a a massive consumer app in crypto, and the SocialFi angle is is fundamentally, like, a massive use case that could onboard, you know, the next billion people. I know that's cliche at this point, but it's like we can 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 on the show. For more disclosures, visit unchainedcrypto.com. Looking to unlock your crypto's liquidity? Figura offers crypto backed loans with an You're about to make a trade. Which you do you listen to? Is it get optioning those options? Or let's do a little research. Learn more at finra.org/tradesmart. Low 8.91% fixed rate. They're the only major provider with decentralized MPC custody and new liquidation protection. Take out a loan at figuremarkets.co/unchained. Today's topic is twenty twenty six predictions. Here to discuss are Jason Pagalatis, head of markets at Delphi Digital. And later in the show, we'll have his colleague, Jordan Yeakley. Just a heads up that we prerecorded this episode on December 19. So if any other news has happened since then that we are not discussing, that is why. Welcome, Jason. Hey. Thanks for having me. So Delphi produced three huge reports about what's ahead for twenty twenty six, six, and we are going to dive into the main takeaways from the markets report and the app report. Let's start with a question that a lot of people have been talking about. Is the four year cycle dead? And if so, will we still see new highs in Bitcoin next year, or are we now entering yet another multiyear bear market? Right. Alright. Kinda loaded question. Right? There there's a lot in there. So yeah. Right? Like, I guess, like, to preface, right, pretty much most of crypto, if not all of it, has gotten pretty bearish over the last several months. And it's kind of, you know, easy to see why given price action. And, yeah, you kinda hinted at it. Like, the question is, like, oh, is the four is is is that it? Like, is the four year cycle in? Is it topped? Right? Or are we kind of going into something different? And like I mentioned, you know, price action does look eerily similar similar to past cycles. Right? …