Why this crypto market feels completely different from previous cycles:

Back then, the market rewarded pure hype.

Today?
Capital is becoming selective.

Money is flowing into:
• AI infrastructure
• stablecoins
• RWAs
• on-chain finance
• DePIN

This doesn’t feel like random retail mania anymore.

It feels like institutions are slowly building the next financial layer on-chain.

That’s why narratives matter more than ever.

Not every altcoin will survive this cycle.