Remember when Burry spotted the housing bubble back in '08? The guy wasn't saying houses themselves were worthless—he was calling out the insane valuations propping up the whole thing. There's a difference between believing in an asset and believing in its current price tag.

Same logic applies to why I've rotated some capital out of crypto into other stuff lately. People seem to think exiting positions means you've lost faith in the entire space. Not even close. Crypto remains the most liquid asymmetric opportunity out there—no other asset class gives you this kind of risk-reward profile with the same accessibility.

But believing in crypto's long-term potential doesn't mean you should ignore valuation cycles. Sometimes the smartest move is recognizing when prices have run ahead of fundamentals and repositioning accordingly. You can be bullish on the technology while being tactical about entry and exit points. That's not abandoning conviction—that's actually having conviction in your risk management.