In May 2025, Twenty One Capital CEO Jack Mallers was new crypto royalty. He took the main stage at Bitcoin 2025 in Las Vegas before roughly 35,000 attendees, promoting a multibillion-dollar bitcoin treasury backed by Wall Street heavyweights. The excitement was impossible to miss. Twenty One Capital (via ultimate merger partner Cantor Equity) had just hit an all-time high of $59/share.
The Elliott Wave Theorist wasn’t interested in the excitement per se. It was, however, quite interested in its timing:
“Fervor is good when it is well timed. The Theorist expressed fervor in September 2010, when bitcoin sold for 6 cents… Fervor at current prices [bitcoin, north of $100k] is a novice error based on herding.”
The June 2025 issue also made a broader observation:
“From the point of view that investors are rational, it is incomprehensible that they are content to hand over their money to funds like this. From the point of view that investors act pre-rationally, there is no other way it can happen.”
The packed Las Vegas conference reminded Theorist editor Bob Prechter of a similar convention from February 2008 — featured in The Big Short — just before the financial crisis gathered full force.
And, when the U.S. Senate also jumped on the crypto trading bandwagon, Prechter added:
“Governments are the last entities to act on a trend, and this event pretty much confirms that the cryptocurrency mania is coming to an end.”
Prechter concluded, writing, “It’s just business as usual at a Grand Supercycle top.”
Jack Mallers stepped down earlier this week as CEO and former SPAC darling Twenty One Capital hit a new low of $4.27/share.
See What the Crowd Misses
The Elliott Wave Theorist has been reading the market’s mood—and identifying major market turning points—since 1979.
Readers saw this analysis before the headlines changed.
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