If you’re bullish crypto for the same reasons you were last cycle, that’s probably the mistake. A recap of what actually changes this time. 🧵

Crypto is maturing structurally. Capital enters through new vehicles, not just spot. Incentives matter more than narratives. Launches, yields, and new markets still pump, but outcomes are increasingly shaped by market structure, large capital, and distribution.

The user base is changing fast. New entrants being more tradfi-shaped. They don’t care about primitives, but rather products that work. Privacy, AI, and multichain infra matter, but only as enabling features. Durable value accrues to UX and execution instead of ideology.