No Consensus Post-Consensus
Sentiment coming out of Consensus Hong Kong was surprisingly constructive, even as BTC remains range-bound between $65,000 and $70,000 and the post-selloff narrative remains unclear.
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The Block Scholes team has just returned from Consensus Hong Kong, where we spoke to more than 150 market participants, partners, and clients.
We found sentiment surprisingly bullish despite price action, with the focus skewed toward building and utility rather than token prices (though with its fair share of rumours as to the cause).
Key themes include tokenisation of RWA (and decentralised derivatives on those same RWAs!), integrating agentic tools to blockchain technology, and prediction markets.
Despite the bullishness we felt, BTC spot continues in the $65K – $70K range that it has traded in since the Feb 6 capitulation, with the post-selloff narrative still unclear and no clear consensus on the next driver of price action.
Continuing sideways at these levels has seen Block Scholes’ Risk Appetite index reverse direction (now sharply downward) after approaching zero from below in the early part of 2026. This crossing has historically been an indicator of bullish momentum across most crypto currencies, but current price action is a clear outlier to that pattern.
