Where we are in the cycle, whether meme coins are cooked, and signal from the builders | Token Narratives Ep. 41

In this episode of Token Narratives, we break down where we are in the market cycle and whether Bitcoin’s recent dip marks a local bottom or signals more pain ahead. We discuss ETF outflows, global liquidity trends, and the MVRV Z-score’s implications for the next move.
The team also dives into meme coin exhaustion—is this just a cooldown before the next wave, or have traders moved on for good? We explore what comes next, from real-world assets to utility tokens, and whether meme coins still have a role to play in the broader crypto ecosystem.
We also analyze El Salvador’s IMF deal and its impact on their Bitcoin strategy. Are they stepping away from BTC, or is Bukele simply playing the long game? Meanwhile, Bybit gets hit with a record-breaking $1.5 billion hack, allegedly tied to North Korea’s Lazarus Group. How does this impact the narrative around crypto security and regulation?
Finally, David shares key takeaways from Consensus Hong Kong—what’s the real sentiment among the builders, and how does it compare to the noise on crypto Twitter? Tune in for all this and more on this week’s Token Narratives.