Two things can be true at once:


1.) There is no bid right now for tokens with little PMF, low runway, lack of institutional adoption, low / no revenues, and a terrible unlock schedule.
2.) There is and will continue to be an extremely concentrated bid on tokens with strong PMF, clear institutional backing & products (ETFs, ETPs, partnerships), generating significant revenue or a clear path to, past the unlocks or not a significant amount left, and are focusing on making the token holder a first-class citizen.
This consolidation will continue to happen until the market evens out some of the inefficiencies its been dealing with for many years now.
Those who adjust will be on the right side of history.
Stay optimistic.
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