# Bull Trap, or Bull Market? with Vance Spencer

*Author: Ryan Sean Adams, David Hoffman*
*Published: Jan 25, 2023*
*Source: https://www.bankless.com/fr/bull-trap-or-bull-market-with-vance-spencer*

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This is Vance’s 4th appearance on Bankless, because in addition to being a chad VC, he’s also adept at measuring the markets and understanding metas, which is what we’re looking to do here today.

Bitcoin is down 66% from the top, but up 50% from the bottom! ETH Down 66% from the top, but up 75% from the bottom! Solana down 90%, but up 200% from the bottom! Meanwhile, Ethereum’s L2 ecosystem is HOT. OP is hitting ATHs. RPL is at its highs in ETH terms, nearing highs in USD terms… Aptos is somehow at a 16B valuation.

Question: Where are we??? Vance has the answer.

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**TIMESTAMPS:**

0:00 Intro

6:24 Vance's Read of the Market

8:10 Ranging 

9:40 Indicators

13:00 Apathy Market

15:30 Trends

18:41 Institutions 

22:45 Is FTX a Permanent Stain?

25:45 Aptos

29:30 Alt-L1s

35:05 Private Markets

37:24 Crypto Gaming

41:15 Future of DeFi Tokens

43:39 Macro & Recession

45:40 ETH/BTC

49:40 Alt-L1s Over?

51:05 2023 

51:50 Closing & Disclaimers

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#### RESOURCES
- Vance Spencer
[https://twitter.com/pythianism](https://twitter.com/pythianism)