Bull Trap, or Bull Market? with Vance Spencer

Vance Spencer is the Co-Founder of Framework Ventures, a VC firm that got its claim to fame by sticking around during the 2018-2020 bear market, going all-in on DeFi before we had a name for it, and taking risks and finding gems while everyone else fled the industry.
Jan 25, 20231 min read

This is Vance’s 4th appearance on Bankless, because in addition to being a chad VC, he’s also adept at measuring the markets and understanding metas, which is what we’re looking to do here today.

Bitcoin is down 66% from the top, but up 50% from the bottom! ETH Down 66% from the top, but up 75% from the bottom! Solana down 90%, but up 200% from the bottom! Meanwhile, Ethereum’s L2 ecosystem is HOT. OP is hitting ATHs. RPL is at its highs in ETH terms, nearing highs in USD terms… Aptos is somehow at a 16B valuation.

Question: Where are we??? Vance has the answer.


0:00 Intro

6:24 Vance's Read of the Market

8:10 Ranging

9:40 Indicators

13:00 Apathy Market

15:30 Trends

18:41 Institutions

22:45 Is FTX a Permanent Stain?

25:45 Aptos

29:30 Alt-L1s

35:05 Private Markets

37:24 Crypto Gaming

41:15 Future of DeFi Tokens

43:39 Macro & Recession

45:40 ETH/BTC

49:40 Alt-L1s Over?

51:05 2023

51:50 Closing & Disclaimers


Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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