Haseeb

Obviously, it's been very violent over the last couple of weeks as WorldCoin, or sorry, not WorldCoin, as OpenAI has announced that they're trying to go public and obviously Anthropic and SpaceX.

So there seems to be a bit of an affinity trade going on there and maybe humanity alongside WorldCoin.

And then, of course, these Binance Life, which is the number four there, is literally a Binance meme coin.

So beyond that, I can't tell you what else is going on in this list.

I agree with that in part.

I mean, DeFi is getting hammered if it's not a Perp Dex, right?

So it's not true across the board that, okay, well, revenue will save you.

A lot of things in DeFi make revenue, but the multiples are getting compressed.

And of course, their revenues are denominated in crypto.

So as crypto goes down, their revenues are expected to go down in the future, even if they haven't gone down yet.

So I think the story is a little bit complicated.

And, you know, Near got hammered today.

So Near is down, it's like, I think, one of the most down assets today.

So it is a more complicated story.

I think part of it is also that, you know, AI tokens are doing well because the entire market is, you know, captivated by what's happening in the AI world.

But...

I largely agree with you.

And I should also note we're investors in most of the assets that you mentioned.

So I'm grateful to see that there are some good projects that are weathering the storm and are able to have decent price expansion during times when broader crypto market is under threat.

But what that may well mean also, it's too early to say, but what it may well mean is that they don't necessarily share the same velocity on the upside.