I increasingly feel that altcoin season may really be over.


2017.
Buy with your eyes closed and still make money.
2021.
Buy leaders and make money.
2026.
The market starts picking projects.
It starts looking at revenue.
Looks at fees.
Looks at buybacks.
Looks at cash reserves.
It even starts studying how many years the team can survive.
The crypto market is finally starting to resemble the capital market.
Stories are still important.
But profits are starting to become more important.
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