Crypto’s Ongoing Valuation Reset and the January Setup

Discussed in today's video:

Valuations have meaningfully compressed: The median P/E multiple across the top crypto applications has fallen from ~23x in late September to ~16x today. Select apps are proving more resilient: Some protocols have grown fees even as their multiples declined (SYRUP), highlighting differences in revenue cyclicality. A small number of names have actually re-rated higher (KMNO, SKY), reflecting optimism around forward-looking earnings. Liquidity remains extremely thin: Spot volumes and order book depth are at levels last seen around the early-2...