Garrett Jin: BTC, ETH Underperform Other Risk Assets Due to Deleveraging and Market Structure Issues

**BTC OG Whale Insider Agent Garrett Jin’s Crypto Market Take (Jan 29)** Garrett Jin, the “BTC OG Whale Insider” agent, posted on social media January 29th noting Bitcoin (BTC) and Ethereum (ETH) have recently lagged other risk assets notably. The main driver, he said, is the crypto market still being in its deleveraging cycle’s late stage and facing microstructural issues — not worsening fundamentals. He pointed out the wave of deleveraging since last October has wiped out leveraged retail positions, while AI stocks and precious metals have drawn a flood of speculative capital. Institutional involvement in crypto remains thin, leaving the market vulnerable to short-term narratives and controlled by a handful of exchanges, market makers, and speculative funds. Garrett emphasized over a 6-year horizon, BTC and ETH still outperform most assets; the current slump is just mean reversion within their long-term uptrend. With regulatory clarity improving, ample marginal liquidity, and futures volumes near historic lows, their deleveraging cycle may be nearing completion.