Wu said he learned from Bloomberg Odd Lots host Joe Weisenthal, who said in his newsletter that this may be the “coldest crypto winter” right now. He believes the crypto market is facing multiple narrative pressures, including the idea that “it’s still early” is difficult to support, institutional adoption and regulatory tailwinds have largely been realized, the AI boom is squeezing electricity resources and market attention, Bitcoin faces concerns about quantum computing security, and some DAT companies such as Strategy have shifted from buyers to sellers. Weisenthal also said that the recent strong performance of AI and technology stocks has further widened the gap with the underperformance of crypto assets.