After the rise of speculative cryptocurrencies, altcoins in the middle and upper echelons of the market are now emerging. The logic is that after eight months of bear market, a batch of older cryptocurrencies with sufficient turnover still have a market capitalization of several billion. They only need a push in futures contracts to drive up the price, and the rise can also lure in short investors who are used to shorting. Leading the pack are Zec and Ton, two well-known brands with significant buying interest. Other targets include Tao, Virtual, and Fil, which performed well in the past few months. Interestingly, some narrative-driven coins have also made moves, including Ondo and Arb, which are based on a cryptocurrency-stock narrative. While we can see capital/OI inflows here, it lacks the logical certainty and sustainability of the current bull market in the US storage sector compared to the previous surge.

Poor sustainability, from another angle, is high capital efficiency.