Crypto's attraction to off-market funds and talent is clearly insufficient. Just look at the current situation: the real secondary altcoin season is in the US stock AI market, and the real primary innovation market is in the web2 AI field. Crypto's appeal to traditional VCs and top talent is diminishing, and it even risks being labeled as 'speculation', losing its respectability.

The reason for this is that besides the 'issuing tokens' banner, Crypto has not presented other solid fundamentals. Although ETFs have brought in institutional funds, that recognition is more at the level of financial instruments. The inflow of Wall Street funds is merely for asset allocation, and the connection to the altcoin market is quite tenuous.