One thing that's becoming super clear in crypto is this concept of death-of-the-middle It shows up in every conversation whether you talk to fund managers, builders, traders.... You have this group of coins at the top which are consensus best chance of surviving + growing in some form for years to come (deservedly so) And then you have this giant middle group of the industry where the market cap isn't that much smaller but chance of success or surviving is absurdly low relative to valuation Zombie projects on euthanasia roller coaster Previous cycles there was still some optimism they would bounce back as higher beta plays but that's almost entirely dead now Barbell era(Luke Martin)