In this clip from *Token Narratives*, David Sencil breaks down a conference signal he cannot quite ignore: Japan felt more crowded, more retail-driven, and more enthusiastic than expected, even though the broader crypto market still feels bruised and cautious.
He contrasts that with the mood on crypto Twitter, where many long-time market participants still seem burnt out, underwater, and skeptical. That disconnect made him wonder whether Japan could be showing an early sign of something bigger — a fresh pool of capital and interest starting to return before the broader market fully turns.
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