How much of a crowded trade’s demand would remain if momentum stopped? Funded crowding has support from cash flow, organic spot demand or supply sinks that can persist after momentum fades. Borrowed crowding depends more heavily on leverage and momentum moving through a thin float. Protocol growth provides durable support for a token only when activity creates demand for it. Fees can fund buybacks and usage can require users to own the token. Without a clear link, revenue and user growth can rise without increasing token demand. Once the market turns, the recovery depends on whether those sources of demand are still in place.(Delphi Digital)