At this point, I think it’s important to reflect on what the actual bull case for crypto is.

To me, the bull case isn’t necessarily individual altcoins. It’s the infrastructure itself, tokenized stocks, fully onchain financial management, stablecoins as global payment rails, AI agents handling transactions, private transfers, 24/7 markets, and the ability to manage assets globally in real time without relying on traditional intermediaries.
so financial services become faster, cheaper, more global, and programmable.
But that doesn’t automatically mean altcoin XYZ benefits from that trend or that token holders participate in the value being created. In my view, that’s still one of the biggest problems in the market. Many of the most interesting applications and protocols generate real utility, yet lack a sustainable mechanism to pass that value on to token holders. The connection between product adoption and token value is often weak or nonexistent. There are promising experiments, such as MetaDAO, that explore new ownership and governance structures. But overall, crypto still needs a fundamental shift in how value accrual and ownership models are designed.
Only when users and investors can reliably participate in the value created by these networks, without constantly worrying about a potential wipeout, will the investment case for many crypto assets become significantly stronger.