In this episode of Token Narratives, Graham Stone, Alex Richardson, and David Sencil break down a market that still looks shaky on the surface but may be getting closer to a major turning point. They debate whether Bitcoin has more downside ahead, why some cycle indicators still point to a later bottom, and why others are turning more bullish despite ugly macro conditions.The conversation also dives into Hyperliquid: its deal with Circle, whether regulation could eventually crush its edge, and what happens if traditional finance finally moves in on the perpetuals market. They unpack the bigger question of whether Hyperliquid can build a moat before the old system fully wakes up.They also cover one of the darkest themes in crypto right now: the growing physical security risk around self-custody. From bodyguards at conferences to wrench-attack fears and real-world theft tactics, the episode explores whether “not your keys, not your coins” is running into a brutal real-world limit.A wide-ranging conversation on Bitcoin, macro, AI-driven markets, Hyperliquid, security, and the narratives shaping crypto right now.00:50 - Welcome Back and Market Overview02:13 - Crypto Market Analysis03:39 - Glassnode Chart Explanation04:51 - Cycle Length Chart Discussion06:12 - Inflation and Rate Cuts07:43 - Stock Market and Fed Transitions09:10 - Bullish Sentiments and AI Impact12:07 - Crypto and CapEx Spending13:44 - Future of Bitcoin and Crypto23:26 - Hyper Liquid and USDC Partnership27:17 - Regulation and Hyper Liquid's Future33:29 - Hyper Liquid Market Cap Surge33:50 - Crypto Security Concerns41:27 - Conclusion and Wrap-Up