Feels like we're out of short-term narratives why crypto can pump. Sure, there's institutional adoption but they get most of upside without buying our coins. Thus betting on that adoption via tokens is meh: upside seems to be in equity or private markets. Crypto was supposed to solve this! Worse, seems that many crypto tokens are here to pay for institutional partnerships instead of accruing value to them. We're exit liquidity here. HYPE got the NYSE news and now the trade played out. Currently waiting for all licenses and see how much it affects buybacks. AVAX partnership will 'provide core ledger technology for NYSE' but what does that mean for the token? Cosmos ATOM provided core ledger technology for shitloads of companies and they are basically dead. BTC would pump if there was money printing in sight but that won't happen until AI bubble collapses: and that would first rekt crypto as well. (I would've thought differently but AI crashing and rebounded while crypto crashed without rebound is making us all bearish). Meanwhile trenches are rekt beyond believe. Pump, FOMO & grifters are running out of dumb money and backlash on X is getting louder. Mid to long term it's clear that crypto is here to stay. But we'll be tested by 1) democrats getting their vandetta on crypto and 2) interest rates increasing that can't be good for risk assets. The most bullish point about this post is that it sounds so bearish, and usually when one wants to sell is the best time to buy?