“Dude… is crypto dead?”

Messages like that hit my phone at least twice a year.

The latest one hit this morning. Every time we hit turbulence, people (naturally) assume the entire plane is crashing into the ocean.

I get it.

I feel every drawdown like anyone else. To be honest, I’ve had more fun at the dentist than I’ve had watching my portfolio this past month.

But the dollar-cost average (DCA) strategy—the same approach I’ve employed since 2014—has beaten every panic, every crash, every “this time it’s over” headline.

AND, here’s the thing… 

This time feels different because it is. And in five years from now, it’s going to be obvious what’s happening.

Crypto, as we have known it, is dying.

Here’s what I mean…

First, the Foundation

If you strip away the headlines, the FUD, the influencers, the TikTok hysteria…

…crypto’s actual foundation has never looked better:

• More real global users

• More real transactions

• More Layer 2 throughput

• More scaling solutions

• People care about privacy again

• More stablecoin settlement volume

• More world-class builders (yes, even now)

• More institutional market structure

• Regulatory clarity is here, more on the way

• And finally, more revenue-producing protocols

People think fundamentals = price.

Nope.

Fundamentals drive value. Sentiment, liquidity, positioning, and narrative drive price in the short and medium term.

Fundamentals are the engine. Price is the mood of the passengers in the back. Right now the engine is humming, even if a few passengers are screaming.

Why are they screaming? Leverage washouts, macro crosswinds, whales derisking, liquidity rotation, fear of the “next shoe” dropping. You name it.

But engines don’t care. Engines run. And, as long as the engine is running, the plane is headed in the right direction.

What’s Really Changing

Right now, crypto is shifting from the “everyone gets rich” phase to the “you actually need to build something” phase.

The mindset is shifting. People are expecting steady, compounding, protocol-driven upside.

In other words, crypto’s growing up.

Here’s what I mean:

A.) Risk is getting repriced

For years, everything traded like a venture bet with infinite upside. Now capital is asking annoying questions like:

• Does this token actually do something?

• Does it generate revenue?

• Is someone buying the token because they need it, or because is it all speculation?

This is good.

B.) Liquidity is no longer a giant sloshing bathtub

The old cycle was simple:

BTC pumps → ETH pumps → alts pump → garbage pumps → then everyone cries.

Now liquidity is fracturing into little ecosystems:

• AI coins

• Tokenization

• Ethereum L2s

• Solana land

• TAO and the decentralized AI crowd

• And a hundred mini-narratives

It feels chaotic because it is chaotic. It’s also how a market matures.

C.) The retail casino is getting replaced by actual businesses

The era of dog coins and joke tokens dominating the feeds is gone. Today the serious capital is flowing into utility:

• Revenue-sharing tokens

• Buyback models

• Compute networks

• Data availability layers

• AI primitives

• Real-world settlement rails

Since 2021, crypto looked like a carnival. In 2025 it’s starting to look like an industry.

D.) Institutions aren’t chasing green candles

They’re allocating. Slowly. Quietly.

If you walk into any major fund today, they’re not debating whether crypto is real. They’re debating position sizing.

That changes everything.

If This Feels “Off”... it Should.

Because this isn’t the first time a young industry has felt like it was “stalled” right before it got huge.

In fact, it’s almost a requirement.

A few quick examples.

The Internet (1995–2005)

In the ’90s, people put “.com” on a business idea and instantly raised $100 million. Then the whole thing imploded.

But the real companies—Amazon, Google, eBay, PayPal—emerged afterward.

We’re in crypto’s 2002–2004 moment. Not sexy… but incredibly important.

Gold Mining (1800s)

This one’s overused and cliche for a reason: it tracks.

In every gold rush:

• 1% got rich

• 99% sold worthless “claims” and lies

Eventually the hype died and the real mines—those with actual ore—survived. Crypto is going through the same refinement.

Railroads (1870s–1920s)

There were hundreds of railroad stocks.Only a handful became giants.

If you bought the right tracks, you won. If you bought the dreamers… well, you didn’t.

Semiconductors (1960s–1980s)

Thousands of chip startups. Only Intel, AMD, TI, and a few others survived.

We’re watching the same consolidation in crypto right now.

Automobiles (1900s)

More than 1,800 car companies existed. Three survived.

You only needed one Ford to retire.

So What Does All This Mean for Crypto Investors?

It means the game is changing.

The winners going forward will have:

• Actual revenue

• Buyback or burn mechanisms

• Real-world demand

• A moat: compute, data, scale, or regulatory advantage

• Product-market fit that doesn’t depend on vibes

So no, this isn’t THE end. It’s the end of crypto relying solely on hype and buzzwords. It’s the beginning of crypto becoming real.

If you feel like the old playbook isn’t working anymore? You’re right. The new playbook is being written right now—by the projects that survive this transition.

Crypto is dying. Because in five years, we won’t call it “crypto.”

We’ll just use it.