This round of crypto shakeout is brutal, far harsher than the last one. Whether it’s retail investors, whales, project teams, or institutions, fewer and fewer are sticking around. The ones still here are mostly core DeFi projects, key crypto infrastructure, a handful of institutions, and whales. The next round of crypto will essentially evolve into an upgraded track for traditional finance. The core will be some crypto infrastructure projects (whether they’re profitable for now doesn’t matter much). As for the rest, unless they can sustain themselves with profits, relying on tokens to survive is almost impossible.