The crypto market in 2025 was a paradox, being both the best and worst year, reflecting mixed investor sentiments. A predictable maturity curve is emerging in the crypto market, indicating a shift towards rationality. Cognitive dissonance is prevalent as the market becomes more rational, despite …
Key takeaways
- The crypto market in 2025 was a paradox, being both the best and worst year, reflecting mixed investor sentiments.
- A predictable maturity curve is emerging in the crypto market, indicating a shift towards rationality.
- Cognitive dissonance is prevalent as the market becomes more rational, despite declining prices.
- The transition from speculative to fundamental valuation methodologies will continue into 2026.
- Many good projects in crypto are mispriced, leading to investor confusion.
- Recent all-time highs of Ethereum and Solana do not signify a meaningful bull market.
- The lack of new entrants in crypto affects market expectations and sentiment.
- The crypto market resembles the early 2000s internet boom, characterized by over-optimism and infrastructure build-out.
- Consolidation will be a key trend in the crypto industry, with survival being a critical strategy.
- Builders should focus on getting acquired or consolidating within their category.
- Ethereum’s layer one protocol is expected to capture significant growth by 2026.
- Advancements in zkEVM technology are ahead of schedule, enhancing Ethereum’s block speeds.
- The current market environment is focused on building for future growth rather than immediate profits.
- The convergence of equity markets and crypto will lead to innovations like equity perps by 2026.
- Investor relations will demand standardized financial disclosures and adopt community-focused strategies.
Guest intro
Mike Ippolito is a prominent figure in the crypto industry, featured on Bankless. Known for his insightful analysis, Mike offers a nuanced perspective on the evolving landscape of digital assets. His expertise spans market dynamics, valuation methodologies, and the strategic direction of crypto projects. In this episode, Mike delves into the challenges and opportunities facing the crypto market, drawing parallels to historical trends and forecasting future developments.
2025: The best worst year for crypto
-
— Mike Ippolito
- The year was marked by mixed market conditions and investor sentiment.
- Despite disappointments, the year highlighted both positive and negative aspects.
- The crypto market is starting to follow a predictable maturity curve.
-
— Mike Ippolito
- Cognitive dissonance is prevalent as the market becomes more rational.
-
— Mike Ippolito
- The market’s rationality contrasts with declining prices, challenging investor psychology.
Transitioning valuation methodologies
- The shift from speculative to fundamental valuation methodologies is ongoing.
-
— GuestName
- Many good projects are mispriced, confusing investors.
-
— GuestName
- Recent all-time highs of Ethereum and Solana are not indicative of a bull market.
-
— GuestName
- The lack of new entrants affects market expectations and sentiment.
-
— GuestName
Parallels to the early 2000s internet boom
- The current crypto market resembles the early 2000s internet boom.
-
— GuestName
- Over-optimism and infrastructure build-out characterize the market.
- The next few years will see a trend of consolidation in the industry.
-
— GuestName
- Builders should focus on getting acquired or consolidating within their category.
-
— GuestName
Ethereum’s future positioning
- Ethereum’s layer one protocol is expected to be well-positioned for growth by 2026.
-
— GuestName
- Advancements in zkEVM technology are ahead of schedule.
-
— GuestName
- The current market environment is focused on building for future growth.
-
— GuestName
Opportunities in the current market
- The current market conditions present significant opportunities for committed builders.
-
— GuestName
- Historical patterns show that sticking through downturns can lead to significant opportunities.
-
— GuestName
- By 2026, the industry will validate or invalidate many long-held ideas.
-
— GuestName
Convergence of equity markets and crypto
- 2026 will see a convergence of equity markets and crypto.
-
— GuestName
- Investor relations will demand standardized disclosures and community-focused strategies.
-
— GuestName
- Launching a publicly traded instrument creates dual responsibilities for founders.
-
— GuestName
The evolving landscape of investor relations
- Crypto companies will adopt social media for investor relations.
-
— GuestName
- Companies like Coinbase and Robinhood are rethinking product announcements.
-
— GuestName
- Discussions around GAAP accounting standards will be significant.
-
— GuestName
Challenges in accounting standards
- There needs to be an accepted set of standards for accounting in crypto.
-
— GuestName
- Significant changes in GAAP accounting are unlikely due to the overhead involved.
-
— GuestName
- Most dual token equity structures are not feasible.
-
— GuestName
Dual equity and token structures
- A negative stigma may develop around protocols with dual equity and token structures.
-
— GuestName
- The presence of only one instrument may attract potential investors.
-
— GuestName
- Investors may become less interested in tokens with inaccessible equity components.
-
— GuestName
Revenue meta discussions
- Revenue meta discussions will shift towards valuing durability and quality.
-
— Mike Abledo
- Not all revenue is created equal, impacting company evaluations.
-
— Mike Abledo
- Investors will stop giving credit to highly pro-cyclical revenue.
-
— GuestName
The impact of quantum computing
- Quantum computing poses a future threat to Bitcoin, but not until around 2032.
-
— GuestName
- The Bitcoin community is resistant to discussions about quantum threats.
-
— GuestName
- The quantum threat will become a significant topic of discussion by the early 2030s.
-
— GuestName
Ethereum’s resilience and future
- Ethereum has emerged victorious despite past mistakes and uncertainty.
-
— GuestName
- Ethereum’s main chain is expected to perform extremely well in the coming years.
-
— GuestName
- The messaging around building on L1 versus L2 has caused confusion among developers.
-
— GuestName
The rise of real-world assets
- 2026 will see significant growth in real-world asset looping on blockchains.
-
— GuestName
- Bringing real-world assets on-chain presents unique challenges.
-
— GuestName
- 2024 will be a phenomenal year for DeFi, driven by real-world asset inflows.
-
— GuestName
The future of vaults and credit funds
- Vaults will likely grow from $5 billion to around $15 billion in assets by the end of next year.
-
— GuestName
- The modular infrastructure of Morpho is the right foundation for vaults.
-
— GuestName
- The demand for yield from stablecoins moving on-chain is driving the growth of credit funds.
-
— GuestName
The crypto market in 2025 was a paradox, being both the best and worst year, reflecting mixed investor sentiments. A predictable maturity curve is emerging in the crypto market, indicating a shift towards rationality. Cognitive dissonance is prevalent as the market becomes more rational, despite …
Key takeaways
- The crypto market in 2025 was a paradox, being both the best and worst year, reflecting mixed investor sentiments.
- A predictable maturity curve is emerging in the crypto market, indicating a shift towards rationality.
- Cognitive dissonance is prevalent as the market becomes more rational, despite declining prices.
- The transition from speculative to fundamental valuation methodologies will continue into 2026.
- Many good projects in crypto are mispriced, leading to investor confusion.
- Recent all-time highs of Ethereum and Solana do not signify a meaningful bull market.
- The lack of new entrants in crypto affects market expectations and sentiment.
- The crypto market resembles the early 2000s internet boom, characterized by over-optimism and infrastructure build-out.
- Consolidation will be a key trend in the crypto industry, with survival being a critical strategy.
- Builders should focus on getting acquired or consolidating within their category.
- Ethereum’s layer one protocol is expected to capture significant growth by 2026.
- Advancements in zkEVM technology are ahead of schedule, enhancing Ethereum’s block speeds.
- The current market environment is focused on building for future growth rather than immediate profits.
- The convergence of equity markets and crypto will lead to innovations like equity perps by 2026.
- Investor relations will demand standardized financial disclosures and adopt community-focused strategies.
Guest intro
Mike Ippolito is a prominent figure in the crypto industry, featured on Bankless. Known for his insightful analysis, Mike offers a nuanced perspective on the evolving landscape of digital assets. His expertise spans market dynamics, valuation methodologies, and the strategic direction of crypto projects. In this episode, Mike delves into the challenges and opportunities facing the crypto market, drawing parallels to historical trends and forecasting future developments.
2025: The best worst year for crypto
-
— Mike Ippolito
- The year was marked by mixed market conditions and investor sentiment.
- Despite disappointments, the year highlighted both positive and negative aspects.
- The crypto market is starting to follow a predictable maturity curve.
-
— Mike Ippolito
- Cognitive dissonance is prevalent as the market becomes more rational.
-
— Mike Ippolito
- The market’s rationality contrasts with declining prices, challenging investor psychology.
Transitioning valuation methodologies
- The shift from speculative to fundamental valuation methodologies is ongoing.
-
— GuestName
- Many good projects are mispriced, confusing investors.
-
— GuestName
- Recent all-time highs of Ethereum and Solana are not indicative of a bull market.
-
— GuestName
- The lack of new entrants affects market expectations and sentiment.
-
— GuestName
Parallels to the early 2000s internet boom
- The current crypto market resembles the early 2000s internet boom.
-
— GuestName
- Over-optimism and infrastructure build-out characterize the market.
- The next few years will see a trend of consolidation in the industry.
-
— GuestName
- Builders should focus on getting acquired or consolidating within their category.
-
— GuestName
Ethereum’s future positioning
- Ethereum’s layer one protocol is expected to be well-positioned for growth by 2026.
-
— GuestName
- Advancements in zkEVM technology are ahead of schedule.
-
— GuestName
- The current market environment is focused on building for future growth.
-
— GuestName
Opportunities in the current market
- The current market conditions present significant opportunities for committed builders.
-
— GuestName
- Historical patterns show that sticking through downturns can lead to significant opportunities.
-
— GuestName
- By 2026, the industry will validate or invalidate many long-held ideas.
-
— GuestName
Convergence of equity markets and crypto
- 2026 will see a convergence of equity markets and crypto.
-
— GuestName
- Investor relations will demand standardized disclosures and community-focused strategies.
-
— GuestName
- Launching a publicly traded instrument creates dual responsibilities for founders.
-
— GuestName
The evolving landscape of investor relations
- Crypto companies will adopt social media for investor relations.
-
— GuestName
- Companies like Coinbase and Robinhood are rethinking product announcements.
-
— GuestName
- Discussions around GAAP accounting standards will be significant.
-
— GuestName
Challenges in accounting standards
- There needs to be an accepted set of standards for accounting in crypto.
-
— GuestName
- Significant changes in GAAP accounting are unlikely due to the overhead involved.
-
— GuestName
- Most dual token equity structures are not feasible.
-
— GuestName
Dual equity and token structures
- A negative stigma may develop around protocols with dual equity and token structures.
-
— GuestName
- The presence of only one instrument may attract potential investors.
-
— GuestName
- Investors may become less interested in tokens with inaccessible equity components.
-
— GuestName
Revenue meta discussions
- Revenue meta discussions will shift towards valuing durability and quality.
-
— Mike Abledo
- Not all revenue is created equal, impacting company evaluations.
-
— Mike Abledo
- Investors will stop giving credit to highly pro-cyclical revenue.
-
— GuestName
The impact of quantum computing
- Quantum computing poses a future threat to Bitcoin, but not until around 2032.
-
— GuestName
- The Bitcoin community is resistant to discussions about quantum threats.
-
— GuestName
- The quantum threat will become a significant topic of discussion by the early 2030s.
-
— GuestName
Ethereum’s resilience and future
- Ethereum has emerged victorious despite past mistakes and uncertainty.
-
— GuestName
- Ethereum’s main chain is expected to perform extremely well in the coming years.
-
— GuestName
- The messaging around building on L1 versus L2 has caused confusion among developers.
-
— GuestName
The rise of real-world assets
- 2026 will see significant growth in real-world asset looping on blockchains.
-
— GuestName
- Bringing real-world assets on-chain presents unique challenges.
-
— GuestName
- 2024 will be a phenomenal year for DeFi, driven by real-world asset inflows.
-
— GuestName
The future of vaults and credit funds
- Vaults will likely grow from $5 billion to around $15 billion in assets by the end of next year.
-
— GuestName
- The modular infrastructure of Morpho is the right foundation for vaults.
-
— GuestName
- The demand for yield from stablecoins moving on-chain is driving the growth of credit funds.
-
— GuestName
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