Liquidity has clearly rotated from BTC and ETH into major altcoins, but unlike past cycles, we’re not seeing a clean trickle-down into meme coins or low-cap plays.
Instead, on-chain flows appear fragmented across several emerging meta-layers, from structurally novel assets like HyperLiquid, to demand-driven themes like DATs and protocol buybacks, and even stablecoin-oriented strategies.
This cycle isn’t being driven by a singular dominant narrative, but rather by parallel experiments across multiple narratives and primitives, each vying for attention and capital. It’s a more complex and less predictable market structure.
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