Core Insights - The crypto market experienced a significant bear market starting in December 2024, with total market capitalization excluding Bitcoin, Ethereum, and stablecoins dropping approximately 44% from its late-2024 peak through the end of 2025 [1] - The sentiment and leverage in the market reached levels historically associated with capitulation, indicating a panic-driven sell-off where holders liquidated positions to prevent further losses [2] Market Performance - Bitcoin ended 2025 down roughly 6%, while Ethereum fell about 11% and Solana declined 34%. The broader token universe, excluding BTC, ETH, and SOL, dropped close to 60%, with the median token down approximately 79% [3] - The market was characterized by extreme dispersion, with only a small fraction of tokens generating positive returns [3] Market Dynamics - Price action was dominated by macro shocks, positioning, flows, and market structure rather than fundamentals. The year saw repeated volatility linked to policy developments and risk appetite shifts, culminating in a major liquidation cascade in October that wiped out over $20 billion in notional positions [4] - Structural issues, such as unclear legal claims to cash flows for governance tokens, contributed to the pressure on the market, leading to digital asset equities outperforming tokens [5] Future Outlook - The duration of the current drawdown mirrors prior crypto bear markets, potentially setting up a more favorable backdrop for 2026 if fundamentals stabilize and market breadth returns beyond Bitcoin [6] - The firm anticipates 2026 will be characterized by institutional adoption, focusing on real-world asset tokenization, AI-driven on-chain security, bank-backed stablecoins, and a surge in crypto IPOs rather than a broad return to speculative token rallies [7]

uniswap processes $80b monthly volume and uni token captures exactly zero dollars. unification vote launches onchain before december 31, burns 150m tokens in one transaction ($925m at current price), activates fee switch. market pricing 20% execution odds at $6.17. a16z holds 64m tokens and needs this to pass. every competitor from aave to hyperliquid already shares revenue. the largest dex bleeding market share with no token value accrual ends in 9 days or never. ...

RT CounterParty TV (@counterpartytv)Proph3t explains how MetaDAO solves Crypto’s token value accrual problem"With MetaDAO ICOs, the team can spend a treasury burn rate every month but to spend more they need to raise a proposal""All of the IP is owned by a legal entity that enshrines governance and insiders only unlock tokens when it hits certain price targets" ...