Milk

Pendle

Hyperliquid

<p>The 2021 playbook is dead. Buying everything no longer works.</p><p>Ryan Connor, Head of Research at Blockworks, told <a href="https://www.youtube.com/watch?v=mh1Id0lcnxA" rel="noopener noreferrer nofollow">Milk Road’s John Gillen</a> that most crypto projects fail the moment you look past the surface. The market has moved on, and many investors haven’t caught up.</p><p>Connor said the last cycle rewarded tokens that had nothing real behind them.</p><blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><p><em>“People in crypto were rewarding tokens for doing nothing, like bringing nothing to the table. All you needed in 2021 was a story and a token and some branding and you could walk away a multi-millionaire. That’s no longer the case.”</em></p></blockquote><p>The buyers have changed. Institutions now set the pace, and they want real teams, real revenue, and real value. Tokens built on hype alone are getting wiped out.</p><h2 class="wp-block-heading" id="h-why-macro-matters-more-than-you-think"><strong>Why Macro Matters More Than You Think</strong></h2><p>Connor pointed out that crypto tracks NASDAQ closely. You cannot have a crypto view without a macro view.</p><p>Right now, the setup looks solid. The VIX is healthy, high yield spreads are tight, and the Fed is forecasting 5% GDP growth, the highest since 2014. More than half of that growth comes from the AI boom.</p><p>Deregulation is also helping. Connor described it as a “pressure cooker” release after years of regulatory crackdowns.</p><h2 class="wp-block-heading" id="strong-where-the-smart-money-is-going-strong"><strong>Where the Smart Money Is Going</strong></h2><p>Connor named <a href="https://coinpedia.org/price-prediction/pendle-price-prediction/" rel="noopener noreferrer nofollow">Pendle Finance</a> as a 12-month play. The protocol holds 25-30x more TVL than its closest competitor in yield stripping. It wins whether stablecoins or perpetuals dominate.</p><p><a href="https://coinpedia.org/price-prediction/hyperliquid-hype-price-prediction/" rel="noopener noreferrer nofollow">Hyperliquid</a> came up too. It offers equity perpetuals, something traditional finance cannot match yet. But Connor flagged the risks: traders jump platforms fast, and players like CME, Robinhood, and Coinbase could close the gap once regulations shift.</p><h2 class="wp-block-heading" id="strong-investors-are-done-with-empty-promises-strong"><strong>Investors Are Done With Empty Promises</strong></h2><p>Connor said the mood among token holders has shifted.</p><blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><p><em>“Token holders are revolting back. They want to see value accruing to the token. They’re not falling for stories anymore. They want to see proper structures with protections.”</em></p></blockquote><p>For investors, recognizing which projects are built to last when market conditions change again will be the true win.</p><h2 class="wp-block-heading" id="h-faqs">FAQs</h2><div class="schema-faq wp-block-yoast-faq-block"><div class="schema-faq-section" id="faq-question-1769860474285"><strong class="schema-faq-question"><strong>How does the stock market affect cryptocurrency prices?</strong></strong><p class="schema-faq-answer">Cryptocurrency prices, especially Bitcoin, closely track the NASDAQ. A strong macro outlook with healthy GDP growth and low volatility typically supports positive crypto market performance.</p></div><div class="schema-faq-section" id="faq-question-1769860496997"><strong class="schema-faq-question"><strong>Are meme coins and hype-driven tokens still profitable?</strong></strong><p class="schema-faq-answer">No. The 2021 playbook of buying tokens based on stories alone is dead. Institutional buyers now set the pace, and projects without real value are being wiped out.</p></div><div class="schema-faq-section" id="faq-question-1769860509607"><strong class="schema-faq-question"><strong>What do crypto investors look for in a project now?</strong></strong><p class="schema-faq-answer">Today’s investors want clear value for the token, proper governance structures, and real revenue—not just promises. They prioritize projects built to last through market cycles.</p></div></div>

‘Buy Everything’ Crypto Strategy Is Dead, Says Blockworks Research Head

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