• Consider accumulating NEAR in the low-$4 range or below, with at least a two-year horizon; the thesis depends on reduced token issuance and buybacks funded by NEAR Intents fees.
• The broader crypto outlook is constructive, favoring protocols with growing usage and clear value returned to token holders, but rising real yields and credit-market stress could trigger further pullbacks.
• Aerodrome and Ethena were added as DeFi exposure, but no specific price targets or supporting investment details were provided.

Crypto market and protocol tokens

• The speaker is bullish on crypto over the medium to long term, arguing that the cycle is different because token supply growth is slowing while more protocols are returning value to token holders through buybacks, burns, and staking rewards.
• He said fees generated by blockchains have risen from $5 billion to $15 billion since 2022, protocol revenue is up 2.9 times, and value returned to token holders is up 5.3 times.
• He sees improving token economics, growing demand for block space, and the early stages of tokenization as potential drivers of a broader re-rating.
• Protocols that fail to align their tokens with the value generated by their networks may underperform those that do.
• The speaker believes the most meaningful low of the new crypto cycle may already have occurred, but acknowledged that he could be wrong.

Takeaways

• The discussion favors protocols with both growing usage and clearer mechanisms for returning value to token holders, rather than crypto exposure based on market momentum alone.
• The speaker’s bullish outlook is balanced by near-term macro concerns, so the potential for pullbacks remains part of the thesis.

NEAR Protocol (NEAR)

• The speaker said he re-entered NEAR after previously holding it in 2025, citing improved supply discipline and value accrual.
• NEAR’s issuance was reduced from 5% to 2%, with another proposal to reduce it to about 1.6%.
• He highlighted NEAR Intents, which enables cross-chain trading and interaction with DeFi protocols while users retain control of their assets. Fees generated by Intents are used to buy back NEAR tokens.
• He also cited rising demand for Intents, while noting that its volume growth had recently slowed.
• The speaker said NEAR is increasingly an interoperability layer, rather than a direct competitor with Ethereum and Solana for block space. In his view, it could benefit if activity grows across multiple blockchain networks.
• He described NEAR as a 6%–7% portfolio position that had grown to about 13%. He trimmed 2% and used the proceeds to buy Aerodrome and Ethena.
• For investors without NEAR, he said accumulation could be considered around the low-$4 range, and described prices below that as attractive for long-term accumulation. He specified a minimum two-year time horizon.

Takeaways

• The speaker’s case for NEAR rests on lower token issuance, buybacks funded by Intents fees, and growing cross-chain activity.
• The low-$4 range and two-year minimum horizon were the speaker’s stated view, not a guarantee of performance. He also noted that Intents volume growth had slowed, so continued usage is important to monitor.

Aerodrome

• The speaker said he used some profits from trimming NEAR to buy Aerodrome, a DeFi protocol.
• He said Aerodrome had outperformed NEAR since that portfolio adjustment, although he did not provide a price target or a specific valuation view.

Takeaways

• Aerodrome was presented as a way to increase exposure to DeFi protocols within the speaker’s portfolio.
• The transcript does not provide a detailed investment thesis, target price, or risk assessment specific to Aerodrome.

Ethena

• The speaker said he used some profits from trimming NEAR to buy Ethena, another DeFi protocol.
• He described the reallocation as helping move his portfolio toward a higher share of DeFi relative to smart-contract platforms.

Takeaways

• Ethena was discussed as part of a portfolio shift toward DeFi, but the transcript does not provide a specific thesis, price target, or risk assessment for the protocol.

Bitcoin (BTC)

• Bitcoin was discussed as a reference point for crypto-cycle timing. The speaker said Bitcoin and crypto have typically bottomed shortly before a major trough in the global liquidity cycle.
• He suggested that this pattern may not be unfolding exactly as expected this cycle, but believes the crypto market has already experienced a significant reset.

Takeaways

• The speaker’s comments support a broadly constructive view of the crypto cycle, but they do not amount to a Bitcoin-specific price forecast or recommendation.
• His cycle thesis is uncertain and depends partly on how macroeconomic and liquidity conditions develop.

Ethereum (ETH), Solana (SOL), Circle’s ARC, and Stripe’s Tempo

• These networks were mentioned as examples of blockchains that could benefit from rising demand for block space.
• The speaker’s NEAR thesis is that its interoperability layer could benefit from increased activity across these networks, rather than needing to displace them.

Takeaways

• The discussion points to a broader investment theme: rising blockchain activity could benefit multiple networks and the infrastructure that connects them.
• No specific investment recommendation or price target was given for Ethereum, Solana, ARC, or Tempo.

Tokenization and AI agents

• The speaker described tokenization as an early source of demand growth, saying that 2026 was when tokenization was being realized, though from a low base.
• He identified AI agents as a potential next frontier for crypto, but said that opportunity would come later.

Takeaways

• Tokenization and AI-related crypto applications were presented as potential long-term demand themes, not near-term forecasts.
• The transcript does not identify specific tokens or companies to buy for exposure to either theme.

Macro risks to crypto

• The speaker said he was concerned about rising real yields, the MOVE Index being above 1010, widening high-yield spreads, and pressure across credit quality and the yield curve.
• He said these conditions could contribute to further turbulence in risk assets. He nevertheless remained bullish on crypto over the medium to long term and viewed a pullback as a possible opportunity to add exposure.

Takeaways

• Macro conditions are an explicit risk to the bullish crypto outlook and could lead to additional volatility or price declines.
• The speaker’s approach was to focus on assets he believes can perform over the medium to long term, while avoiding excessive short-term profit-taking.