Haseeb Qureshi

We're actually seeing incredible velocity of pitches.

I thought usually beginning of the year is pretty slow for us as investors, but this has been an incredibly intense start to the year just because there's so much stuff going on in the space.

No, I wouldn't say that's true.

I mean, it's certainly true that institutions are driving a lot of the demand for crypto right now because retail has largely checked out.

Since 1010, that's when you saw the retail bid for crypto really dry up.

And today, if you look at the relative volumes, you look at, you know, perps open interest, you look at, you know, Coinbase downloads on the App Store, you look at all these measures of retail interest, they're down a lot.

Retail is checked out right now.

And when retail is checked out,

All the prices hurt, but especially altcoin prices, because altcoins are mostly owned by retail, right?

It's not institutions.

Institutions aren't buying alts.

They're buying Bitcoin, they're buying some ETH, and that's mostly it.

So all that said, my mental model of all this stuff is that they will come back.

The space is incredibly cyclical.

And in the meantime, I don't fixate too much on what the institutions are doing.

Obviously, the institutions matter, but they're actually not the primary driver of anything in crypto.

Where is the stablecoin demand coming from?

Where is most stable coins being used?

We talk a lot about institutions and institutions are very excited about stable coins, but where are most stable coins being used?

Emerging markets, right, exactly.