Contrary to what I see on CT, you don’t have to be convinced that crypto is a good investment.
We all know it because, “dang”, we’ve been so bullish (stop looking at price movements and please close the tab).
Ryan Connor, of Blockworks Research, says that fundamentals are playing a part in the crypto market. It’s not a coincidence that he made a similar statement a few months ago.
There are a few examples of this — get ready for some alpha — but my big takeaway is that we’re starting to see some parts of crypto act like stocks. This is really starting to happen, even more than last month.
Geodnet was one of the examples Connor gave. Blockworks Research is his company. “pounding the table” Since November, “they’re building out an RTK network globally. It’s seeing real revenue. It’s seeing ARR revenue. That revenue is steadily climbing up … it is completely untethered from this self-reflective crypto capital market,” He clarified.
In the last few months, there has been no change in crypto volatility.
Connor’s snippet is perhaps most relevant because it shows how people don’t take profits because of current market conditions. This reaffirms what Connor believes. “fundamental story.”
Another example is grass. It is a “business that’s not correlated to crypto capital markets, and that thing’s up 20-40% since February 16, when this drawdown in crypto markets really started accelerating. So again, just another example of a pocket of the market that’s generating real income, uncorrelated to” Cryptocurrency is experiencing a lot of volatility.
Connor explained that if you want to find more tokens which buck trends, it is important to understand what the tokens are made of. This is how Connor and his team see it. For example, a lending protocol would lend to a fund that is crypto-native. If the investments of the crypto-native fund go up, then it is good for a protocol. The situation gets a little more complicated in a less positive environment.
Crypto isn’t just about vibes any more.
That’s not going to stop me from monitoring them, because I think — like retail investors in the stock market — it helps establish a sense of where we are and what people are interested in. The market will not continue to react to vibrations, unless you focus on memecoins.
“We have a market that is maturing. And while it might have paid to be a vibes-based trader in the past, it helps to have different skills. Now this is a market [focused on revenues and business strategy] and less so about marketing and what people are thinking,” It’s time to put an end to the doomscrolling CT.
Being savvy is essential in today’s world.
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