overall thesis has not changed much: I still think we are in a transition environment — not a clean euphoric bull market where everything goes vertical at once. And honestly, the recent rsETH situation tied to AAVE is a perfect reminder of why process, survivability, and risk management matter so much in DeFi.

That is where people get trapped. Because damaged structure can still produce strong bounces. A relief rally is not the same thing as a healthy market. That distinction matters. A lot.

As December 2025 winds down, crypto markets are sitting in an uneasy position. Prices remain elevated, Bitcoin and Ethereum are holding key levels, and equities are still hovering near all-time highs. Yet beneath the surface, fear hasn’t gone away—in fact, it’s quietly building.

The crypto bull run that many expected to continue into the end of 2025 has lost momentum. Several factors contributed to this shift, signaling a change from rapid growth to a more cautious market phase. We never subscribed to the "supercycle theory." For now, I'm better off farming and creating over on Base (be sure to follow us, links below), Tao Subnet staking, and consolidating plays into a core portfolio. The bull run could be ending right this moment, or are we just for