Episode 57 of The Crypto Beat was recorded with Tim Copeland, Selini Capital CEO Jordi Alexander, and Split Capital founder Zaheer Ebtikar.
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Jordi Alexander and Zaheer Ebtikar join Tim Copeland to break down why crypto sentiment seems to be at its worst in years despite supportive macro tailwinds, arguing the market is suffering from a sort of regime change: ancient whale distribution, exhausted infrastructure narratives, and a duration mismatch between builder timelines and speculator expectations. They discuss the shift toward real product-building (stablecoins, onchain trading of traditional assets, Dreamcash/HIP3), the commodities volatility pulling attention from crypto, and why the current mindshare-to-market-cap ratio signals a strong eventual rebound.
OUTLINE
00:00 – Introduction
02:15 – How Bad Is It?
04:30 – October 10th & Cascading Liquidations
07:00 – Infinite Tokens & Regime Change
11:30 – The Year of Productization
16:00 – Layer 1s & The Builder Problem
20:30 – Sports Betting & Financial Nihilism
25:00 – Dreamcash & HIP3 Explained
28:30 – Macro Shifts & The Gold Trade
33:00 – What’s Exciting for 2026
Guest links:
Jordi Alexander – x.com/gametheorizing
Zaheer Ebtikar – x.com/SplitCapital
Tim Copeland – x.com/timccopeland
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