Diving into one of the strangest crypto sell-offs ever. Wall Street is seeing all of the same bullish signs that I'm seeing -- equity, credit and gold/silver markets are launching to ATHs every month because the Fed is cutting rates, QT is ending, consumer spending is strong, record earnings, AI demand still incredibly strong, etc. Meanwhile, all of the "supposed reasons" for crypto selling off are easily debunked, or have reversed -- MSTR isn't selling, Tether isn't insolvent, DATs aren't selling, NVDA isn't blowing up, the Fed isn't turning hawkish, the tariff wars aren't restarting, etc. I still have no idea why crypto is down It may be as simple as "all of the positive progress with the tech, with Washington policy, and with Wall Street doesn't change the fact that there are no buyers within the crypto walls today. Crypto-native investors are exhausted, and new money isn't coming in. While investors are forward looking, they don't change their workflows -- so while it's great that Vanguard, State Street, BNY, JPM, MS, GS, etc are all COMING, they aren't here today. And until it's easy to buy via their existing mandates and systems, they just won't do it"