I have been watching this shift closely and the current rebound doesn’t feel like the usual hype cycle returning.
It looks more like capital rotating back into projects that actually built through the slowdown.
Liquidity is still cautious but sentiment is stabilizing in a more grounded way.
What stands out is how quickly weak narratives are fading while stronger ecosystems regain attention.
This rebound feels selective, not explosive and that’s probably healthier long term.
If momentum holds, we might be entering a phase where conviction matters more than timing.