Published: Tuesday, February 10, 2026 · 10:40 PM | Updated: Tuesday, February 10, 2026 · 10:40 PM
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🗝️ Key Points
- So let's dig into this crypto winter here, Andrew.
- You just got Bitcoin, we're back below 69,000 here.
- And two, I'm also interested to get your take on how this crypto winter in your opinion sort of compares and contrasts with prior drawdowns.
00:00 Josh
It is great to see you. So let’s dig into this crypto winter here, Andrew. You just got Bitcoin, we’re back below 69,000 here.
00:08 Josh
What explains this, Andrew? One. And two, I’m also interested to get your take on how this crypto winter in your opinion sort of compares and contrasts with prior drawdowns.
00:21 Andrew
Yeah, thanks Josh. Thanks for having me on. It’s uh it’s great to be here. So, so first, I’d actually argue that we’re not in a crypto winter. Now, the it depends how you define crypto winter, right? But if you’re using crypto winner synonymously with a correction, then sure, we’re certainly in a crypto winner. You know, since October 10th and and slightly before that, Bitcoin’s down about, you know, 45% from all-time highs. ETH is down about 55%.
00:46 Andrew
Even just over the last two weeks, you know, Bitcoin’s down about 20%, ETH is down about 30%. But but when you refer to a crypto winter, the way I define a crypto winter is a period of time when token prices fall, but development slows, TradFi initiatives, you know, decelerate and and really questions emerge about the longevity of this industry. The last time that happened was actually in 2014 before, you know, Ethereum had even had even launched. It was really just Bitcoin.
01:15 Andrew
Now, so, uh so again, I I don’t think depending on how you define it, I would argue that we’re not actually in a crypto winner, we’re in a correction. Um but what’s driving this? I think that there’s a lot of confusion because everybody likes to compare Bitcoin to digital gold.
01:33 Andrew
or as digital gold. And and I understand the comparison. There’s certainly some similar properties. The problem with that comparison is that Bitcoin and tokens more broadly, they don’t trade like gold. They’re far more correlated with risk assets, they’re far more correlated with the Nasdaq. And so over the last two weeks, you’ve seen, you know, somewhat of a risk off sentiment, you’ve seen a rotation from the growthier parts of tech, specifically software to to value. And so, you know, therefore you’ve seen, you’ve seen tokens, um fall.
02:03 Josh
So one point you made there Andrew, which I think is just dwelling on for a second. Your point seems to be, yes, some of the price action we’re seeing is rough, but the industry to you looks resilient.
02:14 Andrew
Yeah, absolutely. I mean, we we really are as bullish as we have been on the long-term, um, you know, on the long-term outlook for this industry. I mean, we can talk, we we can certainly talk about near-term price action and and the data transparency that blockchains provide, provide a really rich data set, really beyond what’s available in in traditional markets and you know, I’m happy to talk about that. But over the longer term, when we think about what drives um long-term value for some of these tokens, it’s really infrastructure maturity and regulatory advances are driving tradfi initiatives at a pace that, I mean, it’s really hard to to keep up with the pace of announcements.
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