Unchained Crypto Sentiment Is Down Bad. The Reality Is Far Different, Says Ryan Watkins
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Jan 29, 2026 Ryan Watkins, co-founder of Syncracy Capital and crypto analyst, explains why crypto feels stuck in a 'twilight zone' between traders and institutions. He discusses why sentiment is low, what catalysts could spark upside surprises, and why bitcoin has lagged gold. He highlights growing use cases: stablecoins, tokenized dollars, perpetuals, and clearer token vs equity design.
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Crypto’s Twilight Zone
- Crypto is in a transitional "twilight zone" between speculative highs and practical adoption.
- Different participant groups experience different realities, causing divergent sentiment and behavior.
Low Expectations Can Enable Upside
- Sentiment among long-time crypto participants is too low while institutional expectations were previously too high.
- Low expectations now raise the chance of upside surprises as fundamentals and regulation slowly improve.
Position For Concentrated Winners
- Watch for product rollouts from incumbents and Web2 firms after regulatory clarity like the Genius Act.
- Prepare for concentrated winners as adoption favors leading platforms and well-positioned incumbents.