Bits + Bips: Will Crypto Rise on Liquidity or Will 2026 See Another Washout? - Ep. 988

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Dec 23, 2025

Join John Wu, President of Ava Labs, as he dives into the intriguing dynamics of the crypto market with hosts Ram Ahluwalia and Christopher Perkins. They tackle pressing questions about whether the market has truly stabilized for a bullish comeback by 2026. The trio discusses the fading momentum, the impact of low-quality tokens, and what catalysts are necessary for revitalizing demand. They also explore the evolving landscape of super apps like Coinbase, the fate of TGEs, and how regulatory changes might reshape the future of crypto.

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INSIGHT

Momentum, Not Fundamentals, Drove The Rally

Momentum drove crypto demand more than fundamentals this cycle and attention shifted to metals and AI instead.
Ram Ahluwalia says hype outpaced reality and competing narratives pulled the momentum crowd away from digital assets.

INSIGHT

Supply Explosion Outpaced New Demand

Token supply exploded on-chain and retail distribution widened without matching demand growth.
Christopher Perkins highlights millions of tokens on-chain and fewer incremental buyers entering the market.

INSIGHT

2026 Could Be A Differentiated Rebound

2026 could be a breakout once low-quality tokens filter out and institutional/RIA distribution grows.
John Wu expects supply to shrink in meaningful, investable tokens while access expands.

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After a “weird” year in the markets, hosts Ram Ahluwalia and Christopher Perkins are joined by Ava Labs’ President John Wu for a candid debate about where crypto really is in the cycle—and what needs to happen next.

The panel wrestles with a question many investors are quietly asking: has the market washed out enough to set up the next move, or is something still missing? They explore why momentum has faded, what signs would suggest it’s coming back, and why 2026 keeps coming up in long-term conversations—even as near-term enthusiasm remains divided.

Plus, why TGEs are “dying” and, with the rise of super apps, does Coinbase has an edge on Web2 players like Robinhood?

Hosts:

Ram Ahluwalia, CFA, CEO and Founder of Lumida
Christopher Perkins, Managing Partner and President of CoinFund

Guest:

John Wu, President of Ava Labs

Links:

Unchained:

Alex Thorn predicts BTC will reach $250K by end of 2027

Memento’s research on TGEs
Jeff Dorman on X: “I don’t know a single liquid fund that has bought a new token on TGE in over 2 years.”
CoinDesk: Coinbase rolls out stock trading, prediction markets and more in bid to become the 'Everything Exchange'
The Block:

Timestamps:

🎬 0:00 Intro

📉 1:55 What made this a truly “weird year” for markets

🗓️ 7:09 Why 2026 may be a breakout year and why not all tokens may survive

🌊 8:41 Whether a big washout is ahead and what actually brings momentum back

🔁 13:40 How the four-year cycle, midterms, and new cohorts keep reshaping crypto demand

🏦 20:30 The fight over institutional settlement layers and Canton’s rise

🧩 24:34 Why tokens exist at all and where real value capture is getting lost

⚖️ 30:19 How investors should think about the constant tug-of-war between equity and tokens

📊 41:07 Why Chris feels constructive on markets while Ram sees something missing

💵 43:52 Why stablecoins are quietly becoming the “new net interest income”

📱 44:51 How super apps are changing the game and why Coinbase may have an edge over Robinhood

🧟 53:16 Why token generation events are fading

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