There have been periods when the crypto market rewarded differentiation. At the moment, nearly everything trades the same — and that’s a problem. 🪙Bitcoin vs. gold debates are mostly arguments about time horizons 🪙Asset differentiation has eroded, with returns moving in lockstep 🪙Tokens are being treated as macro trades, not cash-flowing businesses 🪙Adoption is real — but value accrual still isn’t showing up in prices @jdorman81 examines the bigger picture currently shaping the digital asset market.