Demand for speculation in general is at a low. Given that crypto is the furthest out the risk curve it makes most sense for the market to suffer despite the positive backdrop and progress on adoption at the insto level and regulatory front. To compound this, jobs data hasn't been great and is expected to weaken. 1. Amazon - 16,000 job cuts in late January. They did a similar number last year 2. Meta - 1,500 employees from the Metaverse team 3. UPS - 30,000 cuts. This is a massive multi year restructuring. 4. Citigroup - 1,000 for now and potentially 20,000 in 2026. 5. Mastercard - 1,400 people globally 6. Verizon - Expected to lay off between 13,000 and 15,000 people this year This isn't even the full picture but you get the idea... AI's first hit to the "hyper gambling society" thesis is that in order to gamble, you need to have chips. People don't have chips...