the next crypto bull cycle might actually feel worse than this one

even tho adoption will probably be way bigger.
sounds crazy, but hear me out.
the main reason it feels like we never really had a strong bull cycle recently is simple:
liq fragmentation
back then, crypto was smaller.
fewer tokens
fewer ecosystems
less distraction
when money entered crypto, it flowed into limited assets.
that liq concentration is what created those crazy parabolic runs.
today?
we’ve got thousands of tokens launching every yr.
every narrative gets its own ecosystem
every ecosystem launches hundreds of tokens
every project feels like it must launch a token to survive
the result?
liq gets spread extremely thin across the mkt.
many projects = diluted capital.
and once capital gets diluted, price growth weakens across the board.
instead of a few assets absorbing massive inflows
money gets scattered across due time narratives.
uncomfortable truth is this:
a huge % of projects today exist mainly to extract liq
not to build long term infra.
founders launch tokens
raise funds
create hype cycles
then slowly fade or disappear once liq dries up
we’ve seen this movie too many times.
the worst part?
many products don’t even need tokens.
but tokenization has become the easiest monetization strategy in crypto.
no token = slower revenue
token = instant fundraising + exit liq
so naturally, most teams choose tokens.
this oversaturation is quietly weakening mkt structure.
gone are the days where you randomly buy lowcaps and comfortably expect 10x.
it will get more tougher, brace up