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

The podcast explores the current state of the crypto market, which Ryan Watkins describes as a "twilight zone" due to conflicting signals and a transition from speculation to productivity. Watkins notes that sentiment among crypto natives is low, creating potential for upside surprises, especially with valuations reset and regulatory tailwinds like the Genius Act. He suggests that while Bitcoin has underperformed compared to gold due to selling pressure from OG bitcoiners, the future may bring a catch-up. Watkins highlights DeFi and the tokenization of assets, particularly through perpetuals, as areas with significant product-market fit and potential for growth, emphasizing the importance of clarity in token value accrual.