Wrapped up Breakpoint 2025 Probably the most sombre sentiment I’ve observed at a crypto conference in a while. Not a dig at the event at all; it was well organized. There is just a general sense of jadedness that pervade my conversations with builders, VCs, and traders alike. OGs quiet quitting/ effectively AFK, VCs not doing well, record redemptions for liquid funds, minimal net new projects, general stupor from builders carrying on out of inertia, not excitement. It’s not just price. Even in 2019, 2022, and early 2023, when markets were hardly doing great, there was a palpable electricity at conferences like this. A genuine belief that everything will be viewed through the lens of crypto one day, similar to how AI is perceived today. This time that’s rare. I had some conversations around DePin and DeSci that felt novel, but they remain a minuscule part of the market. Generally, the only semblance of enthusiasm from people is around more flavors of stablecoins, and more perp dex’s.
