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.

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