Crypto enters its first true deleveraging cycle of the post-ETF era.

In this episode, we unpack the violent February 2026 reset — from cascading liquidations and ETF outflows to a structural pivot inside Ethereum itself. As prices collapse, conviction quietly consolidates: corporate validators double down, Vitalik rethinks rollups, and stablecoins emerge as the real winners of institutional distrust in legacy banking.

In this episode:

• The $2.5B liquidation vacuum that erased the “Trump Bump”
• BitMine’s $6.9B ETH drawdown and the industrialization of staking yield
• Vitalik’s strategic U-turn on rollups as Ethereum L1 reclaims scale
• $545M single-day spot BTC ETF outflows led by BlackRock’s IBIT
• Banks fail, while YC funds startups directly in USDC
• The resu ...