Two market realities are abundantly clear to me right now:
1. The speculation you'd usually expect in "alts" or onchain is happening on the stock market. There are more ways than ever to express a 'bullish crypto' view. Bitcoin treasury companies, Circle, Coinbase, Robinhood and others are attracting a ton of speculative flows. This will continue, but it will leak down into tokens faster than the naysayers will make you think.
2. Our recent industry discourse around proof of stake is moreso a result of horrid price action of big L1s as of recent (NEAR, DOT, TIA, APT, etc.) than it is a direct attack on PoS as a way to build a coordination mechanism for blockchains. Regardless of motive, its clear that the future for these chains definitively has far less inflation, less of a focus on slashing, and a clear path to profitability (including inflation as an expense). This is very, very healthy.
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