KevinSimback

Gm to everyone, no exceptions!

Internet Capital Markets - a tale of 2 cities
ICM has been a top buzzword over the past year, but when most people refer to ICM they think about Pump Fun and various crypto launchpad ICOs - I would call this “Crypto Capital Markets” which is a subset of Internet Capital Markets
The other half of ICM is the institutional capital markets that’s happening onchain - I call this “Institutional Token Markets”
ITM includes tokenized equity (moving towards native equity issued onchain), tokenized primary debt issuance, and other forms of capital raises using tokenized versions of traditional products

Gm to everyone who skipped the Breakpoint parties last night, woke up rested and hit the gym 💪

There’s never been a greater dichotomy in crypto than right now
On one hand, the level of institutional adoption and government support has never been better
On the other hand, the token market structure for alts has never been worse*
Today we saw 2 major announcements that take institutional adoption to a whole new level
1 - JPMC arranged onchain debt issuance for @galaxyhq on @solana
2 - DTCC is now authorized to offer tokenization services after getting a no-action letter from the SEC
And these come on the heels of many other material announcements this year, yet crypto tokens remain in th

Apparently there are some founders who need to hear this
If you are raising a community round, THE VALUATION SHOULD BE NO HIGHER THAN THE LAST INSTITUTIONAL ROUND
Few exceptions

I agree with the perspective that crypto markets are structurally damaged from 10/10
That means it will take some time to heal and patience is required
But don’t let that discourage you on the industry itself - crypto has never had more tailwinds

Back in the gym today for first time in 3 weeks after recovering from surgery
Not gunna lie it’s tough going easy, but feels great to be back at it!
💪💪💪

If you ever want to torture someone, add them to an email list where the unsubscribe link takes them to a login page that only works on MS Edge and has a super strict password requirement
[speaking from experience as someone who was just tortured]

Relevant links:
Michael Howell on Bankless:
Michael Howell "Liquidity is Finally Falling"
Raoul Pal "2026 Crypto Narratives to Watch"
Raoul Pal "Crypto Bloodbath & Debt Dynamics"
Capital Flows "Shift in the Liquidity Cycle"
Capital Flows "The Storm is Coming"

Tether FUD
BTC quantum FUD
Saylor FUD
Carry trade FUD
China FUD
Fed cut FUD
What else?

I use LLMs every day and consider myself quite an expert at prompting, so I get tremendously useful output
But I absolutely suck at image creation - I mean really bad, like all the images I try to prompt are terrible
What am I doing wrong fam?