GN HEARTLAND |
It’s feeling a lot like 2021 again. The markets are looking mighty green, and the best analysis we can offer is on Sam Altman’s pivot to Bond villain. |
— playhaus |
TOKEN | PRICE CHANGE | PRICE |
|---|---|---|
Solana ($SOL) | +4.84% | $182.96 |
Helium ($HNT) | +4.16% | $3.86 |
Pyth ($PYTH) | +41.74% | $0.19 |
Raydium ($RAY) | +41.47% | $3.34 |
(Price changes reflect past 7 days as of 5.13.25)
Over the past two weeks, we’ve been riding the high and personally writing about what many are calling a “crypto renaissance” — a surge in innovation, cultural momentum, and renewed belief in the decentralized future.
From institutional adoption to meme coin mania, the energy is palpable. But behind the price action, protocol upgrades, and market narratives lies a more elusive force, one that drives both irrational exuberance and gut-wrenching fear: our minds.
Enter what we call crypto psychoanalysis — a framework for understanding the emotional, behavioral, and psychological dynamics shaping the crypto market.
We pulled the term out of thin air, but make no mistake, this isn’t armchair theory. It’s backed by data and increasingly seen as essential to navigating the world of digital assets. According to a 2023 study by Glassnode, nearly 3 in 4 short-term Bitcoin holders panic-sell within three weeks of entering a position during volatile markets. Meanwhile, only 12% of long-term holders react similarly, revealing stark behavioral patterns between experienced participants and newcomers.
These reactions aren’t just financial. They can be triggered by stress, uncertainty, and crowd psychology. Research from eToro found that nearly 40% of retail crypto investors admit to making impulsive trades based on social media trends. (Shitcoins, anyone?) In the last bull run, Google searches for “crypto anxiety” spiked over 400% between January and May 2021, further illustrating the mental toll of market swings.
Decentralized finance (DeFi) thrives on momentum and identity. Each token’s value goes beyond its conversion rate, cultivating its own ecosystem and culture. From Solana vs. Ethereum to Dogecoin vs. everyone, investors often form emotional attachments to their bags, leading to confirmation bias and herd behavior.
A University of Cambridge study in 2022 highlighted that emotional attachment to a project — rather than utility or fundamentals — was the #1 driver of long-term holding behavior among retail investors. We hold what we believe in, not always what performs.
Diving deeper, crypto is powered by storytelling. The success of Ethereum’s merge, the rise of Ordinals on Bitcoin, or even the explosive memecoin season we’re living through — these shifts didn’t happen in a vacuum. They were fueled by emotionally charged narratives, online echo chambers, and the innate human desire to believe.
A 2024 Binance Insights report showed that projects with strong community narratives outperform purely technical projects by 32% in average token retention over a 6-month period.
The psychological element of DeFi can take a very real toll too. In a world of 24/7 markets, dopamine hits from green candles, and devastating crashes at 3am, burnout is real. Over 60% of crypto traders reported symptoms of stress or sleep disruption in a 2023 OKX survey, with nearly one-third saying crypto had “negatively impacted their mental health.”
At playhaus, we’re equally interested in the external evolution of web3 and the internal transformation happening within its participants. Crypto is changing how we think, feel, connect, and trust. And in that shift lies a profound psychological story waiting to be told.
So as we celebrate the breakthroughs, let’s not ignore the breakdowns. We urge you to take the time to offset the psycho with the analysis. Because the next frontier of crypto might not just be on-chain — it might be in the mirror.
— Muhammed
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Missouri just poked the proverbial bear with a cattle prod.
As of 2025, if you’re a Missouri resident, you won’t pay a single dime in capital gains taxes at the state level on profits from stocks, real estate, or crypto.
Yep. You read that right. No tax man coming for your investment wins. Just a clean break. How did we get here?
Before this new law, Missouri taxed capital gains like regular ol’ income — up to 4.7%, depending on your tax bracket. So whether you were flipping homes, selling off that Apple stock you bought during the iPod era, or finally unloading your crypto bag after HODLing since 2017, the state wanted a piece.
No more.
A handful of states — think Florida, Texas, Nevada — already don’t tax any personal income, so naturally capital gains are in the clear there. But Missouri? It’s in a different category. This isn’t a no-income-tax state. It’s one that looked at capital gains specifically and said, “Nah, we’re good.”
That makes this a first-of-its-kind move. It’s targeted, it’s bold, and it’s potentially game-changing.
Why? Because this could be the beginning of something bigger. By zeroing out capital gains for individuals, Missouri is basically hanging a big, flashing sign that says: “Invest here. Live here. Grow here.”
Think of it like this:
But who really benefits? Let’s keep it real: 80% of the financial benefit from this bill is expected to go to the top 5% of earners. So yes, it will favor the wealthy. Indeed, critics are already worried about the loss in state revenue — somewhere between $260M and $600M annually. That’s money that funds schools, roads, and public services.
But here’s the counterpunch: If the move spurs economic growth, pulls in new businesses, and juices up investment in-state, it could pay for itself in the long haul. That’s the bet Missouri’s making.
There’s also some crucial fine print. Specifically, this exemption is only for individuals, not corporations. At least for now. Businesses might get in on the fun once Missouri’s top individual income tax rate drops to 4.5%. But that won’t happen until at least 2028, if revenue keeps rising.
So what could/should you actually do with this info? Here are a few options:
Big picture. Should you care?
If you invest, yes.
If you’re eyeing a real estate flip or a startup exit, double yes.
If you’re a casual observer wondering how states compete in a post-remote world — definitely.
Missouri’s trying to build it, attract it, and ride it.
The question is: Will people show up to the Show-Me State?
— Branden
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Few journalists appear technologically competent enough, or motivated enough to hold the emerging companies to account for the weapons they are constructing.
Yes, we love to bet on the price action and partake in the money making bonanza. But when the music stops, and all that’s left is the technological infrastructure, I am seeing a curtain being constructed and a wizard set behind it.
The latest edition of Garbage Day, a fellow top-tier internet newsletter, covers one of our longtime favorite piñatas: The Orb, Sam Altman’s go-to-market hardware for his crypto company, World, fka Worldcoin. The piece reaffirms our longheld beliefs that we can use our local communities to affirm our digital identities, retain pseudoanonymity rights online, and operate in a system free from elitist technocrats. But not if SAMA has anything to say about it.
The success of using a nominal amount of crypto to onboard a mass number of users from the Global South is as notorious as it sounds. But the value of a $20 goes a long way outside of it’s home country, which is exactly why Sam Altman’s company announced they were expanding their orb system here to the United States, with greater clarity on the value it provides — freedom from the AI generated garbage, aka the other thing Sam’s best known for selling you. L-O-L.
As for the crypto market at large, yes prices are rising, and we may see peaks again. But doubtfully the ones of the cycle that you’ve been dreaming of. For now, my guess is that the market makers are being incentivized to keep prices low for as long as they can, while institutions block buy. The bubble wants to burst, and as the memes are indicating the left curve is coming, so stupid mindless consumer driven price action on platforms like Robinhood are likely to be drivers.
The miracle of America’s New Pope and the halo of peace seemingly casting over free trade and global cooperation is hopeful. But it might just mean the markets are desperate for cope.
— El Prof
Heart&SOL is a daily newsletter at the intersection of AI, cryptography, and online culture.
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