People complain about the cult-like behavior and lack of seriousness in this market - asking for more rationality and professional participants.

But that behavior is what creates the opportunity.

This market moves on emotion: belief, fear, greed - not clean models or fair value. That emotionality is what drives the volatility and mispricings. And that’s where the edge comes from.

The best runs: Bitcoin, ETH, Solana, AVAX happened not because things were rational, but because they weren’t. They were chaotic, driven by conviction often bordering on delusion.

That dynamic hasn’t gone away. It’s just moved. The majors are more mature, more institutional.

The real volatility, the emotion-driven flows, are onchain now. Partly because of the lack of MMs. But more so because of who’s playing, retail-heavy, fast-moving, attention-driven participants.

That structure creates dislocations.

It’s been a wide-open door for anyone switched on.