The Wolf Of All Streets Crypto Falls Despite US-China Deal! What’s Going On? | CryptoTownHall
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Nov 3, 2025 
Mauricio Di Bartolomeo, co-founder of Ledn and a key voice in Bitcoin-backed lending, shares insights on the rapidly evolving crypto landscape. He discusses Ledn's impressive growth and the factors driving Bitcoin-backed lending, highlighting the demand primarily from the U.S. Mauricio explains the importance of proof of reserves for customer trust and how increasing institutional capital could lower borrowing rates. He also reveals that borrowers are leveraging loans to access liquidity while retaining their Bitcoin positions.
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Public Chains Offer Intrinsic Network Effects
- Public blockchains offer network effects by default, making them attractive infrastructure compared with many private ledgers.
- William argues public chains are the freeway institutions will eventually join despite proprietary on/off ramps.
Ethereum Revenue Vs. Traditional Valuations
- Ethereum generates meaningful daily revenue (~$50M/day), but valuation implies high price-to-sales compared to traditional markets.
- High expectations require significant future revenue growth to justify current market caps.
Different Core Narratives For BTC And ETH
- Ethereum is a blockchain that has an asset; Bitcoin is an asset that has a blockchain, highlighting different value propositions.
- This framing explains why investors treat Bitcoin and Ethereum differently.