Crypto experienced a Great Financial Crisis type of moment in 2022. A multi billion dollar leverage edifice collapsed, taking ponzis and hedge funds and lending services down to literal zero alongside thousands of fresh retail entrants' savings. Think folks forget how many new people came to crypto in that bull, forgot all the celebrities hyping shit, the stadium namings, the TV ads, how much leverage was in the system, and what kind of damage it caused when it collapsed. The sentiment destruction was biblical. When the household credit bubble was vanquished in 2008-09, it took equities SIX YEARS to make new highs despite QEs 1 and 2. When a bubble of that scale pops, it doesn't simply bounce back. Significant time is needed. For a similar event to happen to crypto AND for the very next cycle to be the end of a 15-year ZIRP policy environment, almost guaranteed this run would be a challenge for altcoins which struggle to justify their market caps and offer little real world value. Doesn't mean it all goes to zero, but that it would take significant time to rebuild interest and narratives. And what have we had? No sexy narratives, just casinos and memes... vapid shit... because there is no influx of fresh demand chasing a new "use case". It's literally right there in front of your eyes. I said in 2023 "the next altcoin cycle will be different in a less fun way" and bunch of folks thought me a doomer. This has been my perspective since the last bear market. This is what usually happens after a bubble collapses.