Doesn’t it feel like something structurally changed in crypto? Back then retail more or less had one play: buy tokens. Crypto = tokens. Now the same retail can just trade oil, natural gas, silver, gold, korean stocks, nvidia… whatever — often on the same platforms. And if the chance to make money (which is why everyone buys anything in the first place) is higher in those assets than in random tokens… then why buy tokens at all? 👀