Bitcoin's Bottom Is In — But Saylor Is The Risk | Vijay Boyapati

Vijay Boyapati returns to The Last Trade for a clear-eyed read on a frustrating market. Bitcoin is in a bear market, but a shallow one, and Boyapati makes the case that the bottom is likely in. The pain is sharper this time because everything else is ripping, but he separates short-term narrative from the long-term adoption story that actually sets the price.

The conversation moves through whale distribution as a healthy reset, the inversion of the traditional cycle now that ETF holders are the strong hands, and the institutional buildout that takes years rather than months. The back half digs into Strategy's three levels of financial engineering and why stretch, despite finding genuine product-market fit, introduces leverage and a future obligation to sell. Boyapati closes on a theme that runs through the whole episode: capital preservation over capital at risk, and the hard truth that real education usually arrives through pain.