Wu says he learned from Bloomberg Odd Lots host Joe Weisenthal, who stated in his newsletter that the current period may be “the coldest crypto winter.” He believes the crypto market is facing multiple narrative pressures, including that the claim “it’s still early” is increasingly difficult to support, that institutional adoption and regulatory tailwinds have largely been priced in, that the AI boom is squeezing electricity resources and market attention, that Bitcoin faces security concerns related to quantum computing, and that 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 in how crypto assets have been performing.