Many people have asked why I’m so bearish. The truth is that I sense something in crypto broke on 10/10/25. We just don’t know what, yet. This is just too much like 2022, where Luna collapsed and then it took 6 months for the final flush out of FTX, with 3AC and Genesis breaking along the way. FTX also took down so many other people and businesses. 10/10 was 4 months ago, so I think we’re in the final stretch now but we can’t call a bottom until whoever is hiding a hole in their balance sheet gets flushed out, and second order effects are fully priced in. If I’m wrong, and $60k this past week is the bottom, then it was the buying opportunity of this cycle. You can argue that this time it’s different. I don’t think so.