Good morning, my degenerate crypto friends. Is anyone still here? Is there anyone left in crypto?

That meme of Will Smith, Fresh Prince, standing alone in an empty house in Bel Air perfectly sums up today. There’s almost no news. I’ve been scrolling X for an hour and found barely anything worth discussing.

So let’s get into what we do have.

$6 Billion in Token Unlocks Hitting in March

Lark Davis pointed out that $6 billion in token unlocks are coming in March — roughly three times the monthly average.

For those unfamiliar, token unlocks happen when previously locked tokens (allocated to early investors, team members, or seed rounds) become available for sale after vesting periods. Projects use vesting schedules to prevent immediate dumping when tokens launch.

When those tokens unlock, investors can sell — which often creates downward pressure.

That said, in a weak market like this, many investors may choose to hold rather than dump at depressed prices.

I used to participate in Seedify launches. You could buy tokens at extremely low ICO prices — but the vesting schedules meant that by the time your tokens unlocked, the market had already dropped. So even though you “bought cheap,” you still ended up losing money.

The key question in any token investment is simple: When can you actually sell?

JD Vance and Bitcoin

Vice President JD Vance commented that China does not favor Bitcoin and suggested the U.S. should consider why its biggest adversary opposes it.

If the CCP leans away from Bitcoin, perhaps the U.S. should lean toward it.

Regardless of politics, the broader takeaway is that the U.S. regulatory environment appears increasingly pro-crypto — even if the market hasn’t reflected that yet.

The market right now is extremely short-sighted.

Ethereum: Six Consecutive Red Months

Ethereum is set to close its sixth straight month in the red. Over the past 14 months, it has closed 11 in the red.

That’s disappointing.

ETH has been behaving like a struggling altcoin rather than a dominant infrastructure asset. But at these levels, I continue accumulating. Everything feels cheap.

Bitcoin to $10,000?

Bloomberg analysts floated the possibility of Bitcoin falling to $10,000.

If that happened, would you buy?

I would. Without hesitation.

Extreme fear often creates the best long-term opportunities.

The Eternal “Waiting for the Dip” Trap

We’ve all seen this cycle:

• “I’ll wait for a dip to buy.”
• The dip arrives — fear kicks in.
• “It’s going lower.”
• Price rebounds.
• “I’ll buy the next dip.”
• Repeat forever.

Most people never buy when prices are actually cheap.

If you’re buying strong projects, you have to act when sentiment is terrible.

Do We Even Need More Blockchains?

At this point, we probably have enough Layer 1 chains.

Unless something truly revolutionary emerges, marketing and adoption matter more than launching another base layer.

The established players already have traction:

• Solana
• BNB Smart Chain
• Avalanche
• Hedera (to some extent)

The market doesn’t need 200 new L1s.

Solana at $1,000 Someday?

When Solana eventually reaches $1,000 — and I believe it will — we’ll look back at sub-$90 prices as a gift.

I bought heavily in 2023 during the crash, even around $13–$20. I was nervous at the time, but I’m glad I did.

Now I’m buying again in the $80–$90 range for the first time since then. I believe Solana will remain one of the most used chains in the future.

Altcoin Conviction Is Broken

For the past two years, every pump has been followed by an immediate dump.

There’s no conviction. People have been burned too many times.

But eventually, trust returns.

Were ETFs a Mistake?

Some argue that letting institutions in — allowing ETFs — fundamentally changed crypto.

It used to feel like rebellion against the system. Now it’s part of the system.

Was that the cost of mass adoption?

Maybe. Maybe not.

“Altcoins Will Make New Lows”

Some believe even if altcoins bounce, they’ll eventually make new lows.

I don’t fully agree. We’ve seen new all-time highs in Solana, BNB, and others during the last cycle.

The past few months have been brutal — but that doesn’t mean innovation or adoption has stopped.

Could a Supercycle Start Soon?

There are theories that once interest rates are cut and macro conditions improve, a new supercycle could begin.

If that happens, this accumulation phase will look obvious in hindsight.

Markets Flip When Everyone Is Bearish

Right now, everyone is waiting for one more crash to “ape in.”

When everyone is scared, sidelined, and giving up — that’s often when markets reverse.

No one knows the exact timing.

But sentiment like this doesn’t last forever.

Final Thoughts

It feels quiet. It feels empty.

But these are the periods where positions are built — not when everything is already flying.

Have a great day. Enjoy your family. Enjoy your life.

I’ll be back tomorrow — even if only one or two of you are watching or reading!