What Happened to the Crypto Bull Market? #105

Crypto navigating post-Trump honeymoon blues and geopolitical noise (Iran conflict, oil volatility). Stephane Ouellette (CEO, FRNT Financial) returns for a frank discussion on 2025's "disappointing" bull market dynamics. DAT wave sucked capital from real operating businesses into speculative shells (many now trading below MNAV, struggling to deliver). Industry top-heavy: incumbents (Coinbase, Robinhood) and stablecoin plays thrived; smaller/mid-cap crypto firms starved of growth capital. Opportunity ahead: consolidation, tokenized equities/credit, blockchain payments modernization. Lending remains key unresolved need; FRNT focused here + advisory for TradFi entering crypto.Deribit FZE does not accept UAE retail clients for derivatives and does not accept US clients and clients from restricted countries.