Crypto Market Infrastructure Is Unprecedentedly Perfect, So Why Has the Investment Environment Hit Rock Bottom?
The crypto market infrastructure and regulatory environment are more robust than ever, yet the investment climate is arguably at its worst. Arca CIO Jeff Dorman critiques the industry's failed attempt to position cryptocurrencies as broad macro trading tools, which has led to extreme correlation among all crypto assets, eroding differentiation. While assets like gold and silver have recently outperformed Bitcoin, the industry continues to neglect token subtypes that function like equities—such as DePIN, DeFi, and CeFi tokens—which generate actual cash flows and could appeal to traditional investors managing over $600 trillion in assets. Dorman calls for a return to fundamental analysis, emphasizing that tokens are merely a "wrapper" and that their underlying value drivers, sectors, and economic models should be the focus, rather than treating all cryptocurrencies as a single asset class. The current high correlation and lack of dispersion in returns have made the investment landscape dull compared to the healthier, more nuanced market of 2020-2021.
比推01/28 15:20
