While many dismiss this speculation as nihilistic, we are seeing signs of progress. It is encouraging that real projects are starting to trade more based on fundamentals, similar to stocks, and are being forced to flow value back to token holders. This is a positive development, as public market investors become more discerning, pushing new projects to launch at more reasonable valuations.

Venture capital returns may contract as a result, which will drive capital into the public markets, which will be better allocated to emerging secular winners. The crypto economy must digest these changes in order to make the next leap in asset classes.

In the meantime, it is clear that we must go with the flow, not against it. The massive structural changes we are witnessing - from the decline in venture capital to the rise in influence of institutional allocators - will take time to fully emerge.