Unlike previous cycles, there were no innovative triggers to spark a market rally this time around. Instead, it is the promise of Bitcoin ETFs and institutionalization that is driving the asset class higher, and the ensuing lack of a clear focus for speculative funds as a result. Unlike 2021, there is no DeFi or NFT birth to cheer about this time around - just a general sense that things are looking up and early signs of a maturing infrastructure.

At the same time, the number of assets in the crypto economy has grown by 1 to 2 orders of magnitude, making it harder for the entire industry, and indeed the entire asset class, to rise uniformly. As a result, speculative funding lacks a clear direction, and many believe with cynicism that the only guiding logic is financial nihilism - perhaps the only technological breakthrough of note in this cycle is a more efficient infrastructure for launching and trading tokens.