The cycling of talent and capital out of crypto and into adjacent areas isn’t random. We’ve spent a decade and billions mapping the surface area. That mapping work is largely done. We now have a much clearer sense of what crypto is actually good for (financial backend, settlement, collateral) and what it isn’t (broad consumer “web3” reinvention). This means that the era of aggressive multiple expansion (repricing the dream) is behind us. The next phase, if there is one, is earnings growth. Deepening the use cases that already work, and optimizing value capture. Talent and capital is reallocating accordingly.