Bitcoin Bottomed At $60,000 On Peak Bearish Sentiment
Maeda pointed to the Fear and Greed Index hitting the lowest reading in crypto’s history last month at $66,000 Bitcoin—lower than the 3AC collapse, Luna crash, or COVID crash.
“We hit the lowest fear and greed rating in the history of crypto’s existence last month at 66,000,” Maeda stated.
He argued that sellers ran out of tokens after months of liquidations and capitulation.
Michael Saylor’s aggressive Bitcoin purchases through Strategy Inc. (NASDAQ:MSTR) provided the catalyst.
Saylor bought $1.5 billion in March, $3.5 billion in April, and $2 billion in May, creating a positive reflexive loop where higher prices attract more buyers.
Zcash: Privacy Narrative With 10-Year Breakout
Maeda highlighted Zcash as insurance against Bitcoin centralization risk, quantum risk, and privacy concerns.
The SEC dropped its case against Zcash in January, and supply in the shielded pool continues rising.
“Zcash is insurance against Bitcoin,” Maeda explained, noting concerns about Saylor controlling 4% of Bitcoin supply.
“If Bitcoin goes up, Zcash will go up as well,” he added.
The token broke out on the monthly chart after nearly 10 years of price action. Zcash follows the same four-year halving cycle as Bitcoin, with its last halving in November 2024.
Maeda increased his position, buying more at $598 and $550 after his initial purchase at $388, bringing his average to $500.
Hyperliquid Leading Perpetuals
Maeda called Hyperliquid the leader of perpetuals, noting that most long-tail assets will go to zero while volume concentrates in real-world assets like gold, oil, and stocks.
Price discovery on oil happened on Hyperliquid during recent conflicts, and traders are accessing the platform from restricted jurisdictions to monitor pre-market pricing for IPOs.
Hyperliquid’s daily open interest in RWAs is rising. Most revenue flows back to the HYPE token with no VCs, a generous airdrop, and a humble founder making it easy to root for.
Player Versus Environment: The New Bull Market Thesis
Maeda argued the next bull market will be led by “player versus environment” coins where everyone wins together, not meme coins or VC vaporware.
He believes the crypto industry must move away from the grift supercycle back to cypherpunk ideals to sustain higher prices.
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