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 remai...

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