# Token Crisis Articoli collegati

Wintermute Ventures: Return to Fundamentals, Cognitive Reset After Attending Hong Kong Consensus

Wintermute Ventures attended Hong Kong Consensus and observed a clear shift toward cautious market sentiment, with few confident about the next major crypto trend. Key takeaways include: a lack of near-term catalysts, capital rotation into AI stocks (especially in Asia), and an identity crisis for altcoins beyond major assets—tokens are no longer seen as reliable value-accrual mechanisms. Opportunities are shifting toward fundamentals: revenue-generating, licensed businesses with defensive moats. Latin America emerged as a region with strong product-market fit and regulatory progress. Despite the cooling mood, the reset is seen as healthy, pushing founders toward real users and sustainable design.

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