Sep 25, 2026 · 1 hr 42 min · 14 segments
Ansem sits down with rasmr for a full market deep dive on why this cycle could be much bigger than people expect. They break down why crypto may be entering a completely different kind of expansion…
right where do you think we are in the cycle because
anyone bro
everyone wants to compare it but like i feel like it's 2023 i don't know if that's if that's like insanely bullish if that's too bullish some people think it's 24 and
I mean, to be honest, bro, I don't think you can really do a one to one with any of the previous cycles.
I think for me, the closest I would say is the DeFi explosion that we had in 2020 and 2021, where this was the first time that billions of dollars moved on chain through ETH and these other L1s.
You're going to see that now with stablecoins and tokenized stocks, more so on tokenized stocks, just because it's a completely new vertical in crypto.
And when you have a completely new vertical in crypto, that's when you see the most speculative kind of like price action and because there's no ceiling to put on it.
Like there's no there's never before it's happened in crypto where this specific thing is going on and it's attracting institutional capital, it's attracting retail capital, it's attracting developers who are going to build different things.
I'll say closest like 2020, but I don't think I don't think comparing it one to one with any previous cycle really makes the most sense, especially because of where we bottomed that.
And again, there's never been a four year cycle in crypto where we bottomed as early as we have bottomed this time.
Like the reason that all the OG and crypto native people were caught so offside and thought we're going to get so still think we're going to get like 50K or whatever, like 38K.
is because we usually bottom in Q4.
Like every single cycle before this one, we bottom in Q4.
We go down a lot more than like the, let's see, I want you to go down like 50%.
We go down a lot more than like the 53% we went down, usually like 75%, 80%.
And so this has been both the shortest bear market ever in crypto's history, if we continue to go up from here, and the least drawdown ever in crypto's history, if we continue to go up from here.
i think what that says is like you should not be looking at this cycle the same way that you look at previous cycles because it the price action literally is different the fundamentals are literally different and you kind of have a kind of completely different setup for how people are getting onboarded um on chain both institutions and retail i think if that is the thesis, then you shouldn't be trying to memory map one-to-one with any prior cycle in crypto.
You should be thinking, OK, if we bottomed earlier and we went down less, should we go up more than we have in prior cycles to this one? That's kind of where I'm at.
I think this cycle actually is going to be more bullish than previous cycles in crypto, especially because 2023 and 2024 were so muted.
Like in 2023 and 2024, the only coin or major that really clearly broke all-time highs was Bitcoin.
But ETH was like, what, 1% to 5% higher.
A lot of the returns were on meme coins like Pepe, like Whiff, like a lot of that Solana on-chain stuff.
But there wasn't like... alts that did really well and even the majors they didn't really do all that well and so i think if you're thinking that that cycle is kind of like less aggressive and this cycle we bottomed earlier and we're gonna have more capital coming into crypto then there's a definitely a thesis for why this cycle should be more bullish than the other cycles that's kind of where i'm at with like
right where do you think we are in the cycle because
anyone bro
everyone wants to compare it but like i feel like it's 2023 i don't know if that's if that's like insanely bullish if that's too bullish some people think it's 24 and
I mean, to be honest, bro, I don't think you can really do a one to one with any of the previous cycles.
I think for me, the closest I would say is the DeFi explosion that we had in 2020 and 2021, where this was the first time that billions of dollars moved on chain through ETH and these other L1s.
You're going to see that now with stablecoins and tokenized stocks, more so on tokenized stocks, just because it's a completely new vertical in crypto.
And when you have a completely new vertical in crypto, that's when you see the most speculative kind of like price action and because there's no ceiling to put on it.
Like there's no there's never before it's happened in crypto where this specific thing is going on and it's attracting institutional capital, it's attracting retail capital, it's attracting developers who are going to build different things.
I'll say closest like 2020, but I don't think I don't think comparing it one to one with any previous cycle really makes the most sense, especially because of where we bottomed that.
And again, there's never been a four year cycle in crypto where we bottomed as early as we have bottomed this time.
Like the reason that all the OG and crypto native people were caught so offside and thought we're going to get so still think we're going to get like 50K or whatever, like 38K.
is because we usually bottom in Q4.
Like every single cycle before this one, we bottom in Q4.
We go down a lot more than like the, let's see, I want you to go down like 50%.
We go down a lot more than like the 53% we went down, usually like 75%, 80%.
And so this has been both the shortest bear market ever in crypto's history, if we continue to go up from here, and the least drawdown ever in crypto's history, if we continue to go up from here.
i think what that says is like you should not be looking at this cycle the same way that you look at previous cycles because it the price action literally is different the fundamentals are literally different and you kind of have a kind of completely different setup for how people are getting onboarded um on chain both institutions and retail i think if that is the thesis, then you shouldn't be trying to memory map one-to-one with any prior cycle in crypto.
You should be thinking, OK, if we bottomed earlier and we went down less, should we go up more than we have in prior cycles to this one? That's kind of where I'm at.
I think this cycle actually is going to be more bullish than previous cycles in crypto, especially because 2023 and 2024 were so muted.
Like in 2023 and 2024, the only coin or major that really clearly broke all-time highs was Bitcoin.
But ETH was like, what, 1% to 5% higher.
A lot of the returns were on meme coins like Pepe, like Whiff, like a lot of that Solana on-chain stuff.
But there wasn't like... alts that did really well and even the majors they didn't really do all that well and so i think if you're thinking that that cycle is kind of like less aggressive and this cycle we bottomed earlier and we're gonna have more capital coming into crypto then there's a definitely a thesis for why this cycle should be more bullish than the other cycles that's kind of where i'm at with like
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