Market color from Token2049 - Everyone was universally bearish at a trader’s cocktail hour I attended at the last Token in 2024. We put on the most risk for the year not long after that and it ended up being a good decision. This time around, sentiment is much more mixed: everyone is bullish $BTC long term parroting the same thesis, but no one managing consequential amounts seems to have actual conviction for anything else in crypto long term from these price levels. Obvious that most representative group of survivors left with meaningful capital are traders, as most product talk is about perp dexs. Lots of discussions around Hyperliquid, Binance’s response, and the next players. Pockets of wholesome attempts at earnest innovation in DeSci, DePin, but rare. Market views are 50/50 split with credible reasons on both sides. - Bulls: easing monetary environment, BTC = coiled spring lagging gold and will drag market up, revenue meta generally much healthier than memecoin meta and could last longer - Bears: hot ball of money evidenced $HYPE -> $ASTER -> $XPL, no new net inflows, still no net new experimentation that inspires confidence. DATs are obvious slow bleed outcomes and end of cycle phenomena