The Crypto Market Structure Has Changed and Rising Tides May No Longer Lift All Boats
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In prior cycles, you could be a 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've 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? Figure offers crypto backed loans with an industry low 8.91% fixed rate. They're the only major provider with decentralized MPC custody and new liqu
Hey. Thanks for having me.
So Delphi produced three huge reports about what's ahead for 2026, 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 simmer similar to past cycles. Right?
Yeah. I mean, honestly, from reading the report, it almost felt like what you guys were saying, correct me if if I was interpreting this incorrectly, is that, obviously so the clearly does have some effect. Like, we we all know it has some effect. But this particular having cycle had, this other effect where, you know, we were in this period of, like, quantitative tightening and and stuff like that. And so some of the macro conditions that in the past had coincided with the halvings to supercharge the crypto markets were actually going the other direction macro wise.
Yes.
And then now that the typical, boost that crypto gets from the halving has dissipated. We're in this moment where the macro now is going to be more favorable for crypto. So that could be another reason why the four year cycle will just look different from previous ones.
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