@sergeixyz
My best theory: crypto already front-ran the future, then spent the last two years digesting it.
TradFi is hitting ATHs on rate-cut expectations, AI narratives, and fiscal liquidity that *hasn’t fully arrived yet*. Crypto, on the other hand, pulled that demand forward in 2020–2021, blew off the top, and has been in a long credibility + positioning reset ever since.
A few layers to it:
* Macro liquidity is tight *where crypto lives* (retail risk appetite, venture, leverage), even if equities are benefiting from balance-sheet strength and buybacks.
* Institutions are interested, but they move slower and need regulatory + structural comfort first.
* Crypto narratives burned a lot of trust, so capital is cautious instead of reflexively chasing.
Markets don’t move together forever. Sometimes one lags because it already paid the price early.
If liquidity actually loosens broadly, crypto doesn’t need a new story — it just needs time to remember it’s a levered bet on risk itself.
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