This episode unpacks October's harsh crypto reset — roughly $1 trillion wiped from the market, massive leveraged liquidations, and institutional portfolios marked below NAV — and explains how macro stress pushed the market into a self‑funded, liquidity‑starved phase.

We contrast Wintermute’s warning about stalled capital channels with bullish long‑term forecasts, review cautious and defensive analyst takes, and highlight continuing institutional building (stablecoin rails, payment pilots, prediction markets) that could determine whether and how new capital returns.
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