Thoughts from Sunny Lu, originally shared on LinkedIn: "The reason the crypto market is in the state it is in today is because of the purely speculative investment, without a focus on fundamentals. Beyond the short term, speculative trading doesn't work - to have value created over the long term, you need vision and actual product delivery. More funds going to utility applications (over, say, ETFs) will lead to more exploration, delivery, and user growth, which will keep the blockchain technology and industry growing. And in turn generate value for the cryptoassets it relies upon. For example....Sidhartha Shukla reporting that bitcoin ETF allocations among the largest hedge funds fell 28% between Q3 and Q4 las year. This is speculation at work, and there's a ripple effect. Prices drop, professional investors get spooked, retail investors lose money, and overall there is less support for web3/token-based companies and dApps. And so the cycle continues. Crypto is so much more interesting than its ability to appreciate in price. It is a generational technology that could be generating millions if not billions in value by being used in real applications. If even a single-digit percentage of the investment in these bitcoin spot & derivative ETFs was going to web3 building, the market cap of all crypto would be much higher. And, bonus, we'd have more to show for that investment than just financial products. Chart courtesy of Sidhartha's piece in Bloomberg. Link in the comments" 👇 @sunshinelu24(VeChain)