In a nutshell: What should rise this year didn’t, and what should fall next year still will. I don’t agree with the idea of a prolonged invisible bear market, but it’s pretty certain we’re in a bear market. Also, there’s already a sign that the more stablecoins there are, the less secondary market liquidity there seems to be. Stablecoin projects take a cut when issuing tokens + high-yield stablecoin investments take another cut.