00:00 Speaker A

Bitcoin continues to struggle as it falls below 100,000. That’s a mid a sweep of risk aversion across markets. crypto market remaining under strain with some 19 billion in liquidations in turn racing over a trillion dollars from the total market cap of all cryptocurrencies. That is according to data from Coin Gecko. And for more on the themes that we are seeing in crypto markets. Let’s welcome in Ava Lab’s President, John Woo. So John,

00:36 Speaker A

let’s talk a little bit just about the the setup right now that you’re seeing uh across the market broadly. And you know, we had a discussion here yesterday on Yahoo Finance. Someone was like, hey, it’s only been like four, I guess five Fridays from today that we saw that massive dislocation on that October 10th date. We still haven’t really, it seems, healed ourselves in the broader crypto space since then. Does it feel that way to you guys?

01:06 John Wu

It it’s still in the process of healing from the asset class perspective, no doubt. Um, I think what people misunderstand, sure there was a a flush so to speak on October 10th. But reality is, over the last six months, maybe even a year or so, there’s just been so many new instruments where people can access the crypto asset class, whether it is ETFs, whether it’s these digital asset Treasury companies, or even IPOs like Circle, figure, um or or um

01:43 John Wu

you know, Gemini, all of these new securities, it’s just a lot of supply into the market, plus there’s a lot more tokens as well, and there’s just not enough demand to absorb all that. And the irony here is all happening when real world use and adoption is happening from the JP Morgans, to the Black Rocks, to basically almost any industry you talk about, there’s like brands using the blockchain technology to streamline their processes. So, it’s ironic just as adoption is happening, the asset class is struggling a bit.