This is the spiritual sequel to my last Alpha Feed post on crypto’s recent bout of existential nihilism.

When the sun set on the 2021 crypto bull run, there was an unshakeable feeling of optimism. We were building infrastructure with the vision of building real products on top of it. Until SBF and gang decided to rain fecal matter on our collective sentiment, the bear market of 2022 was not all that terrible.

So why is it we are closing off on a monstrous 2024 — Bitcoin ETF, Ethereum ETF, gigabull Larry Fink, a crypto friendly president, several crypto assets that telegraphed insane gains — yet it feels like sentiment is as bad as it’s been in a long time.

The main thing, as I’ve previously stated, is the lack