I've heard multiple people tell me this week that sentiment now is worse than during the FTX collapse. No. Not even close. This is pure recency bias. The FTX collapse was a depth of despair we as an industry hadn't experienced since Mt. Gox. It was a true systemic collapse. We didn't know what would be left standing--or if it would lead to crypto getting functionally banned in every country on earth. We really weren't sure when anything would come back--maybe the entire industry would have to go into hibernation. Read the QT, which I posted right after FTX collapsed. Compared to today... yeah, prices are down since October. That truly sucks. But actually the fundamentals of crypto look totally fine. The system held. Regulatory outlook looks great across the world, institutional and corporate adoption continues unabated, prediction markets are firing on all cylinders, perp DEXes just hit ATH volumes, and stablecoin adoption is in hyper-growth. Will take time. But we'll be fine.