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“Easy money in crypto is over” is best read as a claim that easy-to-capture trading gains have become harder—not that crypto markets or opportunities have disappeared. But the closest matching report attributes that argument to Fiskantes, identified as Sigil Fund’s CIO, not to Haseeb Qureshi of Dragonfly. The source behind the title’s Qureshi attribution could not be verified, so the distinction matters.
Who said easy money in crypto is over?
The closest matching account is BeInCrypto’s March 24, 2025 report, “Sigil Fund CIO Reveals 3 Reasons Why Crypto’s ‘Easy Money’ Era Is Over”. It attributes the argument to Fiskantes, identified as Sigil Fund’s CIO. A Milk Road podcast index identifies Haseeb Qureshi with Dragonfly, but does not connect him to this particular thesis. The intended publication, interview, or post behind the Qureshi attribution remains unverified.
Accordingly, the reasons below summarize Fiskantes’s reported opinion; they should not be presented as Qureshi’s statements. Nor does one investor’s view establish a universal rule about every crypto asset or market cycle.
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It means opportunities that once seemed easier to spot and capture—such as arbitrage or being early to a new trend—are now harder to access or exploit profitably. It does not mean crypto activity has ended. The BeInCrypto report describes Fiskantes as viewing crypto as active while suggesting other markets might offer comparable risk-to-reward opportunities.
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Why does Fiskantes say crypto gains are harder to find?
Arbitrage opportunities are less accessible
Arbitrage is exploiting a price difference for the same asset or product across markets or exchanges. BeInCrypto reports that Fiskantes saw fewer accessible private and public arbitrage opportunities for retail participants, with opportunities closing faster. If more participants notice a price gap and act on it quickly, the window to capture it can shrink. That is his reported explanation, not proof that arbitrage has vanished or that all markets are efficient.
Speculative venues can favor sophisticated players
Fiskantes also pointed to retail participants moving toward meme coins and low-cap tokens. He characterized these markets as exposed to bots, cabals, rug pulls, and maximal extractable value (MEV), where transaction ordering can be used to extract value. The report presents these as risks he raised; it does not quantify how often they occur or establish that every token or trade is affected.
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Token supply and faster trend cycles add pressure
The report says Fiskantes cited venture investment in crypto infrastructure and an overhang of token supply as drags on short-term prospects. He also argued that market participants capitalize on trends faster, making first-mover advantage harder to sustain. In that view, being early alone is less likely to produce an outsized gain when others identify and act on a narrative quickly.
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Fiskantes’s broader point, as quoted by BeInCrypto, is that substantial gains increasingly require diligence, work, and an edge beyond simply arriving first. That is a market opinion, not a guarantee that greater effort produces returns.
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Does the argument apply to passive DeFi yield?
Trading edges and lending yields are different ways people look for crypto returns. CoinDesk’s April 7, 2026 report offers a dated illustration of the latter: it compared Aave USDC deposits at about 2.61% APY with Interactive Brokers idle cash at 3.14% at publication time. These figures are snapshots from that report, not current quotes, guaranteed returns, or a like-for-like assessment of risk.
CoinDesk also reported that yields on several stablecoin lending pools had compressed, while some higher-yield offerings depended on real-world assets, private credit, or other specific strategies. Morpho co-founder Paul Frambot explained that undifferentiated lending can see returns compress when depositors share the same collateral, parameters, and outcomes. This is his explanation of lending yields, not a rule that every DeFi strategy follows.
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A yield figure alone does not show whether a strategy is worthwhile. A reader assessing one needs to understand where its return comes from, what remains after costs, the smart-contract and counterparty exposures, and the conditions for withdrawing. CoinDesk’s report also described protocol risks, including losses from exploits, and cited CertiK’s finding that more than $2.47 billion worth of cryptocurrency was stolen in the first half of 2025. That figure is attributed to CertiK as reported by CoinDesk; it does not establish the risk of any particular lending pool.
How should you interpret the claim?
- For speculative trading: The reported thesis is that accessible edges may be more competitive and short-lived, not that every opportunity is gone.
- For DeFi yield: Compare the source and durability of a return with the risks and exit terms; a published APY can change and is not a guarantee.
- For attribution: Do not quote the argument as Qureshi’s without a source directly linking him to it. The closest match found names Fiskantes.
BeInCrypto quotes Fiskantes describing a market where “players who know what they are doing” capture opportunities. Whether that description fits a particular asset, strategy, or period requires evidence specific to it; the article’s claim is not a forecast for all of crypto.
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