Fundstrat’s Tom Lee joins Frank Chaparro to dissect why crypto markets feel darker than fundamentals suggest, even as stablecoins, RWAs, and institutional adoption continue growing.

Tom and Frank discuss:

• Federal Reserve policy uncertainty and its impact on crypto

• Why most DATs will fail and what that means for the asset class

• Ethereum's Layer-2 strategy and value accrual

• Static vs. dynamic thinking in crypto tokenomics

• Why experts from the last cycle often miss the next one

This conversation is about separating noise from signal, understanding what's actually moving markets, and recognizing when fear is overwhelming fundamentals.