Seeing full capitulation on alts across CT and in my DMs. People skipped BTC early in the cycle expecting the old playbook to repeat. But new money didn’t touch the old, boring tokens. First, we got rekt on low-float, high-FDV tokens. Then on memecoins. DAT trades weren’t any better. Retail expected Saylor 2.0 companies, but instead we became exit liquidity for insiders. But as all looks lost, the altcoin playbook is changing: 5 of the top 10 lending apps are buying back their tokens. Uniswap and Lido also turning the fee switch on. Top protocols finally rewarding holders sends a clear signal to other teams to follow. But... ...it doesn't necessarily save alts for the time being: Most have no revenue to share and those that do, are still way overvalued relative to FDV. Thus alts continue repricing their speculative, "new thing" premium towards P/E or whatever ratios that make sense. Key catalyst to follow is the CLARITY act that will, well, give clarity on alts: Regulation won't mean green light to pump all alts. But like during all regime changes, there will be new winners and losers.(Ignas | DeFi)