1000x
1000x
BTC-5,82%
ETH-5,88%
UNI-7,59%
AAVE-4,39%
SOL-3,41%
ADA-5,98%
Crypto valuations, alt bleed, killer apps, & real on-chain users. Crypto's dream era is over, but the era of cash flows is just starting. đŸ§” Breakdown of this week’s 1000x with @santiagoroel @AviFelman @jvb_xyz
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Why Everything Outside BTC Is Struggling ➀ Valuations across altcoins can’t be justified by current revenues ➀ The dream of future activity is no longer enough to support prices ➀ Even strong narratives (tokenization, banks using crypto rails) were fully priced in Sentiment has shifted from belief to sobriety.
The Mirage of Altcoin Valuations ➀ Tokens don’t go bankrupt, which kept dead projects inflated for years ➀ But that paradigm is breaking — insiders are selling, communities are quitting ➀ EOS delisting showed even “next-gen” L1s aren’t immune from reality The spell keeping zombie tokens alive is finally fading.
Infrastructure Is Now Commoditized ➀ New chains are easy to launch and blockspace is cheap ➀ L2s cannibalize Ethereum economics, not strengthen them ➀ Infra ≠ value capture unless users + cash flows show up Owning rails isn’t enough — you need actual traffic.
Why Real Users Matter More Than Tech ➀ Active on-chain users haven’t grown meaningfully ➀ Speculative flows dominate and evaporate during macro tightening ➀ Without sticky usage, valuations collapse on contact with reality Usage is the KPI that decides who survives.
Killer Apps, Not Killer Chains ➀ Like the internet era, value accrues to apps, not pipes ➀ Google/Amazon were built on commoditized infrastructure ➀ The investable upside is in products with real demand, not generic L1s The era of infra-first investing is over.
Why Some Assets May Still Work ➀ Select DeFi protocols (Uniswap, Aave, Hyperliquid) have real fees ➀ Tokens tied to recurring activity may outperform during broad drawdowns ➀ Capital will migrate from vapor to fundamentals Survival belongs to the apps that actually make money.
Bitcoin Stands Alone ➀ BTC now trades like a macro asset, not a tech bet ➀ Institutional flows + ETFs create structural demand ➀ In a world of stimulus + affordability crises, BTC is the cleanest hedge BTC can rally even if alts stagnate.
What Real Flow Into Crypto Looks Like ➀ Institutions won’t buy gas tokens — they'll use stablecoins + rails ➀ Banks already deploying on public chains without needing the native asset ➀ Rails adoption ≠ token appreciation unless tokens capture fees Infrastructure adoption does not guarantee token inflows.
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