Analyst says crypto is entering a more mature phase as investors favor protocols that function as money or generate durable revenue beyond crypto-native activity

The author believes the July bottom is in, having called it in early July with BTC at $59k, ETH at $1600, and ZEC at $420. Two cohorts are expected to attract marginal inflows: protocols that are money and protocols that make money. Store-of-value assets will be benchmarked by market cap relative to BTC, while revenue-generating protocols face scrutiny of revenue quality, durability, and institutional appeal. A third category—onchain projects comparable to non-crypto businesses, especially AI-stack narratives—is seen mostly as trades, with token/equity splits often questionable. Stronger projects may see drawdowns of 10-30% rather than 90%+, signaling market maturation.

✨ AI summary of the linked source — not editorial content.

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