TLDR Tech / Crypto
Thoughts on the Current Market for Digital Assets
In a survey among crypto-native investors, portfolios are narrowing to 5-10 tokens, with most altcoin positions shed in favor of BTC or cash held at a "set and forget" sizing. The core allocation friction is opportunity cost: AI-adjacent equities (inference chips, neoclouds, and photonics) offer compounding revenue growth that raises the bar for deploying the marginal dollar into digital assets. Three catalysts could reverse this: a 4-year cycle bottom expected in late Q3/Q4 triggering re-entry, reflexive price appreciation drawing sidelined buyers back in, or an observable on-chain or macro development that resets conviction.
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