Crypto’s Heroes Went to Jail — Why This Cycle Is Different

The crypto market feels confused — and for good reason.

Bitcoin sold off after a “dovish” Fed rate cut. Japan is on the verge of ending the yen carry trade. Institutions are quietly increasing exposure. Regulators are warming to tokenization. And two of the biggest figures from the last cycle — Do Kwon and SBF — are now in prison.

In this episode of The Weekly, Graham Stone and David Sencil break down why this cycle feels fundamentally different from the last one, and what that means for Bitcoin, crypto, and global markets heading into 2026.

Topics covered:
• Why Bitcoin fell after the Fed cut rates
• Japan’s rate hike & the unwinding of the yen carry trade
• Institutional accumulation vs. weak price action
• The SEC’s quiet green light for tokenized securities
• Prediction markets and looming regulation
• Do Kwon’s 15-year prison sentence and what it signals for crypto’s maturity

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Timestamps:
00:00 The Evolution of Crypto Characters
01:10 Market Reactions to Federal Reserve Decisions
04:04 Global Interest Rate Changes and Their Impact
07:04 Institutional Momentum in Bitcoin
09:56 Regulatory Developments in Tokenization
13:13 Prediction Markets and Lobbying Efforts
17:58 YouTube’s Integration of Stablecoins
22:08 The Fallout from Terra Luna’s Collapse