If you’re wondering why tokens are dying … $CRCL can jump 40% on known earnings where they made no profit (because of hefty distribution costs to Coinbase and Blackrock), as equity investors give them the benefit of the doubt on future growth in a growing subsector of crypto (stablecoins). Meanwhile, half of crypto investors argue that massively profitable entities like $HYPE and $PUMP, that use 99% of FCF for token buybacks, are wasting their profits on buybacks, and the other half of crypto investors don’t even know these profitable entities exist because Coinbase, Robinhood, Binance et al refuse to educate their customers on the differences between equity-like tokens from profitable businesses versus inflationary garbage L1s and currencies. Just no reason to trade crypto versus equities at this point. Equity investors think about nuances and growth. Crypto investors try to reduce everything to one giant macro trade. Misinformation and lack of investor education continues to be the biggest impediment to crypto growth.