$hood, $coin, $crcl, $hype, $aave, $syrup, and maybe a few others are doing quite well

the common denominator is value, actual revenue-generating businesses, leaders of their categories, with credible paths to make more money

there’s not that many investable crypto-related assets, so all value-driven capital is being force-fed into a small set of names

I don’t know how purely speculative capital compares on a net basis vs. value capital, but what is certain is that speculative capital has been never more spread out.

The results is sound businesses pulling multiples while high risk altcoins keep trending lower.

Occasional wins and a few short-lived runners every month keep spirits alive whereas, on a sufficiently long-term horizon, this speculative capital diminishes as losses pile up and number of options increase.

It's just entropy — a ratio of a pool of capital spread out across an ever-increasing number of options. Although fundamentals-chasing capital is finite, the number of targets reduces, so ratio improves.

Ngl, my allocation to these isn’t high. But it’s showing us what we’ve wanted for a long time — concentration of sticky capital to enjoy hodling while still pulling multiples with peace of mind.