This trend will continue. VC tokens will bleed, zero incremental demand, dried up liquidity, major disconnection with valuations based on fees and TVL (murky). BTC dominance will go to 65% and select new tokens, born in the trenches, will be the only pocket to grow share and provide life changing upside ($Pepe, $WIF, $Fartcoin, $House). Zero TAM was added thru this cycle, 50+ chains with zero utilization ($SOL won), retail is no longer incremental, and this is generally accepted vapor. Memes remain the promise. A couple interesting things in AI in the pipeline, but still V skeptical.