Current market conditions reveal a fundamental challenge: fresh liquidity simply isn't flowing in at the pace needed to maintain upward momentum. Meanwhile, the tokenomics picture has shifted dramatically—we're seeing an explosive growth in the number of tokens available, which inevitably fragments capital across a much broader spectrum of assets. That's one headwind. But here's what's equally notable: the evolution of crypto products has created a new dynamic. Today's platforms enable users to gain exposure to underlying technology and infrastructure without necessarily holding the actual token itself. This shift is reshaping how capital allocation works in the space.