Transcript (en)

I'm not sure if I've called it that, to be honest. I would say this particular market feels... I think they're actually all quite similar in that the sentiment feels like this is the last one and the things that you expected didn't happen and therefore it's over. and the problem with that is of course it necessarily has to turn a blind eye to the things that are still possible that haven't happened and that's the kind of the optimism case right like you couldn't you probably couldn't have predicted FOMO coming out when Bitcoin came out right that probably could not have been your thesis for Bitcoin but if you understood the tech you knew that there are some set of things that are possible as a result of this tech in the realm of trading and just how finance works fundamentally. And so, you know, given your bullishness and risk underwriting in that sector, you would allocate based on that probably. I think a lot of people are disillusioned in the current cycle, given a mixture of institutional interests. And like what people don't understand about like specifically traders don't understand about institutional cycles is that institutional sales cycles are extremely long meaning they take like a a deal might take over a year to close and so you won't even see the benefits for a long time