I don't think I've ever seen this big of a dispersion between public and private markets in crypto compared to 2017/2021/2024. Publics are ripping new all-time highs. With the GENIUS Act now law, the macro and regulatory landscape has never been better for crypto. Yet privates are ... crickets. Deal count activity is slow, fundraises for both companies and funds are taking a while to get done, and new top founder talent still builds in AI over crypto.