remember when @coinbase did IPO and all CEX tokens went ballistic?

$BNB pulled a 3x to reach ATH, $OKB 4x, $KCS 5x, $GT 10x, and a few others.

now instead we had:

• Circle IPO, oversubscribed, and massive un

• Tether earning billlions and top UST buyer

• Stablecoin supply broke ATH at $250B+

• Genius Act bill passed

• Trump, Bessent, Powell, and others publicly supporting stablecoins

• Plasma just launched raising $50M in minutes at $500M FDV

• JP Morgan launching a “deposit” token on Base

• Potential new players of stablecoins like Bank of America or Fidelity

• Stripe bought Bridge in a $1b+ deal

• Bvnk raises $50m at $750m fdv

(I’m likely missing some extra points)

Yet liquid crypto stablecoin proxies do not move. Or barely, definitely not comparable to other metas / narratives we’ve had.

Crypto has stopped moving around main events. Or has become less dumb.

Consequently, the concept of "narrative" is weaker than ever.

I guess that’s a sign of a simultaneously more matured and saturated market. And definitely a less fun market.