Too many people are overindexing on the 2021 cycle and aren’t thinking about the current setup from first principles. I get it, you have PTSD, and 2022 was a horrible year, but what’s past is past. Only now, after 3 years of BTC dominance expansion, are institutions exploring the cryptoeconomy beyond. Regulatory tailwinds have Wall Street foaming out the mouth about stablecoins and tokenization. Recently, they’ve began exploring Ethereum with the childlike wonder of someone going down the crypto rabbit hole for the first time. You can see hear it in their rudimentary talking points as if they just binged a few @BanklessHQ podcasts and started regurgitating it. And the thing is there’s nothing special about ETH. It’s just the 2nd largest asset next to BTC. Nothing has changed for Ethereum recently other than DATs buying indiscriminately. Interest will soon spillover to into competing L1s (e.g. SOL, HYPE), and eventually the rest of the asset class. This is good. We’ve activated the Wall Street sales machine and institutions will cycle through all the major assets in our universe, until they figure out which ones are the actual winners. Along the way, long-term buyers with multi-year horizons will absorb supply, creating a much healthier holder base, less influenced by fickle-minded crypto retail investors (ironic isn’t it). So maybe this is a long winded way of saying we’re early in institutional cycle, and barring any shocks, I don’t see what stops this train anytime soon, so long as macro conditions remain accommodative. We’ll get big corrections (30% - 50%) along the way that will test everyone’s conviction. But unless we see a huge ramping up of leverage or runaway valuations, my guess is they’d be just that. Corrections. Most assets haven’t even had a “cycle” anyways, with only a select few even remotely close to (or above) their ATHs. A handful of generational ones are even starting to hit that elusive S curve growth the industry’s been dreaming about for years. Still a big wall of worry to climb. Higher for longer.