Legendary investor Warren Buffett made waves when he bluntly told CNBC on May 2 that “we’ve never had people in a more gambling mood than now” when discussing the current state of the markets. He cited the popularity of one-day options, prediction markets, and sports betting — but he didn’t mention crypto, even though it’s the original permissionless speculative arena, and the line between the crypto sector and those other venues has never been thinner than it is right now.

When speculation runs this hot across the board, the most liquid risk assets sometimes catch the same rising wave, which means that if the speculative energy eventually rotates into crypto, the sector could see a significant rally. Here’s a look at the landscape and…