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Freedom251 › Blog › Crypto markets

Is Easy Money in Crypto Over? The Claim Is Attributed to Fiskantes, Not Dragonfly’s Haseeb Qureshi

By Freedom251 Team · · 4 min read

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The closest match for the claim that crypto’s “easy money” era is over attributes it to Fiskantes, Sigil Fund’s CIO—not Haseeb Qureshi of Dragonfly. The argument is that trading edges have become harder to capture as competition, automation and token supply increase. It is a view about diminishing easy gains, not proof that crypto opportunities have disappeared. The attribution to Qureshi remains unverified.

Who said easy money in crypto is over?

A March 24, 2025, BeInCrypto report with the closest matching argument attributes it to Fiskantes, identified as Sigil Fund’s CIO. It does not identify Haseeb Qureshi or Dragonfly as the source. A Milk Road podcast index identifies Qureshi with Dragonfly but does not link him to this particular thesis. The exact publication, interview or post behind the Qureshi attribution has not been verified, so the two speakers should not be conflated.

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Is easy money in crypto over?

In Fiskantes’s reported view, some of crypto’s earlier opportunities have become less accessible as markets grow more competitive and participants become more sophisticated. That is an opinion about the difficulty of finding outsized gains—not evidence that every crypto market is efficient, that every strategy has stopped working, or that crypto activity has ended.

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Arbitrage edges can close quickly

Arbitrage means seeking to profit from price differences for the same asset or product across markets or exchanges. The BeInCrypto account says Fiskantes pointed to fewer opportunities for retail participants in both private and public arbitrage, and to openings closing faster. The report does not quantify how much access has declined or establish that no retail opportunities remain.

Speculative tokens bring different risks

The report says Fiskantes saw some retail participants shifting toward meme coins and low-cap tokens. He characterized those venues as exposed to bots, coordinated groups, rug pulls and maximal extractable value (MEV)—value that can be captured through transaction ordering or inclusion in blockchain blocks. These are reported concerns, not estimates of how often a token or trade will suffer such an outcome.

More tokens and faster trends raise the bar

Fiskantes also pointed to venture investment in crypto infrastructure and an overhang of token supply as pressures on short-term prospects. In his account, trends are capitalized on faster, making first-mover advantage harder to sustain. His conclusion was that being early alone may no longer be enough to generate large gains; diligence, work and an edge over other participants matter. This remains his assessment, not a guarantee about how any particular asset will perform.

Does this mean crypto has no opportunities?

No. The same report describes Fiskantes as viewing crypto as active while suggesting that other markets might offer similar risk-to-reward opportunities. “Easy money is over” is best read as a warning that simple, outsized gains may be harder to find—not as a claim that crypto itself is finished or that all potential returns have vanished.

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How should you assess a crypto yield?

Trading arbitrage and passive lending yield are different strategies. A quoted yield alone does not establish that a deposit is worthwhile: consider how the return is generated, what risks and costs apply, and whether you can withdraw on acceptable terms.

  • Source of return: Is it driven by organic borrowing demand, temporary incentives, or exposure to off-chain assets such as real-world assets or private credit?
  • Return after costs: Account for fees and any other costs that affect what you actually receive; a headline rate is not necessarily your net return.
  • Risks and counterparties: Consider smart-contract and protocol risks, including the possibility of exploit losses, as well as any risks tied to borrowers or off-chain assets.
  • Liquidity and exit: Check whether withdrawals are available when you need them and whether conditions could change.
  • Rate and availability: Verify the rate when making a decision and check geographic and account eligibility. A published comparison is a dated snapshot, not a live quote or guarantee.

As one dated illustration, CoinDesk reported on April 7, 2026, that Aave USDC deposits were yielding about 2.61% APY, compared with 3.14% on idle cash at Interactive Brokers. CoinDesk also reported that yields in several stablecoin lending pools had compressed, while some higher-yield offerings depended on real-world assets, private credit or other specific strategies. Those figures describe that report’s comparison on that date; they should not be treated as current rates. CoinDesk quoted Morpho co-founder Paul Frambot explaining that undifferentiated lending tends toward lower returns because depositors share the same collateral, parameters and outcome. That is Frambot’s explanation, not a universal rule for every lending product.

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What the claim does—and does not—establish

The argument offers a reason to be cautious about assuming that a once-profitable approach will remain easy: access can narrow, competition can intensify, and a high advertised yield can come with risks that a simple rate comparison misses. It does not prove that every crypto strategy is unprofitable or that every token market has the same level of competition. CoinDesk reported that CertiK estimated more than $2.47 billion worth of cryptocurrency was stolen in the first half of 2025. That figure is a broad security-risk context, attributed to CertiK as reported by CoinDesk; it does not verify the Qureshi attribution or prove Fiskantes’s market thesis.

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