Did The Next Bitcoin Cycle Just Start? | Jeff Park

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Dec 3, 2025

Jeff Park, Partner and Chief Investment Officer at ProCap BTC, dives into the complex world of Bitcoin and macro finance. He discusses the ongoing FUD around Tether and why crypto sentiment is so low despite favorable conditions. Park highlights Bitcoin's distinction as a macro asset versus altcoins, shedding light on the shifting institutional behaviors affecting price. He also clarifies Tether's financial health and explains how recent shifts in liquidity could signal new opportunities in the Bitcoin market.

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INSIGHT

Why Crypto Sentiment Is Especially Poor

Crypto communities often turn on each other during market bottoms, amplifying bearish sentiment.
Jeff Park links this internecine conflict to ideological divergence and lost mainstream mindshare for crypto.

INSIGHT

AI Took Crypto's Mindshare

Mainstream interest has shifted from crypto exponentials to AI, reducing crypto mindshare.
Park argues tokenization talk often misses crypto's core strengths like neutrality and censorship resistance.

INSIGHT

Bitcoin Is A Macro Asset, Not A Token Bet

Bitcoin behaves more as a macro asset distinct from altcoin technological narratives.
Park sees current price pressure driven by increased supply and slowing marginal demand from ETFs and treasuries buyers.

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Jeff Park is the Partner & Chief Investment Officer at ProCap BTC. In this conversation, we break down the latest FUD around Strategy and Tether — what’s real, what’s noise, and why these narratives keep coming back. Jeff also explains why crypto sentiment feels so beaten down, what’s actually driving price action, and how to think about the current liquidity backdrop. We wrap with why QT is effectively over, QE is creeping back, and what that means for bitcoin going forward.

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Timestamps:

0:00 – Intro
1:54 – Why crypto sentiment feels so bad right now
7:21 – Bitcoin vs altcoins: supply, leverage & liquidations
9:33 – Correlation, institutions & the 4-year cycle
14:41 – How to evaluate Strategy right now & should they sell bitcoin?
26:26 – What’s really going on with Tether?
32:33 – QT is over, QE is back & what that means moving forward