While everyone's debating whether we're in a bull or bear market, I think we're missing the bigger picture. The crypto market is becoming less correlated with traditional risk assets and more correlated with actual technological progress.
Sure, macro factors still matter. But look at how different projects are performing based on their real-world adoption metrics. Chains with growing developer activity, platforms with increasing transaction volume, protocols with expanding user bases - they're all showing resilience that didn't exist in previous cycles.
Maybe the question isn't about market cycles anymore. Maybe it's about picking the technologies that will actually matter in 10 years. The market might be telling us something: speculation season is ending, utility season is beginning.
