Crypto isn't the only game in town anymore. This cycle we got pockets of outperformance as rotations rather than a rising tide that lifts all boats. Now we have $35B flowing into generative AI, $2B into robotics in a single quarter, along with solar and bioengineering becoming commercially viable growth sectors. For every $1 of new liquidity, there's more investable assets competing for it. Within crypto itself, equities have vampire attacked the bid that used to flow into altcoins. Over the past 2 years, crypto equities have outperformed the majority of altcoins. Institutions are entering from every angle: ETFs, RWAs, stablecoins, exchange venues, corporate chain launches. More competition fracturing the available capital further. Returns could look a lot more like stock picking than index buying.(Delphi Digital)