There’s never been a greater dichotomy in crypto than right now

On one hand, the level of institutional adoption and government support has never been better

On the other hand, the token market structure for alts has never been worse*

Today we saw 2 major announcements that take institutional adoption to a whole new level

1 - JPMC arranged onchain debt issuance for @galaxyhq on @solana

2 - DTCC is now authorized to offer tokenization services after getting a no-action letter from the SEC

And these come on the heels of many other material announcements this year, yet crypto tokens remain in the basement, many down 50%+ YTD

What do we make of this?

The core problem is there’s just too little liquid demand - market structure was bad and then 10/10 was a knockout blow

This can only be healed with time, sorry but there’s no quick fix

The one catalyst is the market structure bill - believe that is under-appreciated for what it could unlock for alts

In the meantime, work on your patience and do something non-extractive for the industry

*some may point to 2018 as being worse but the alt complex was different back then, not an apples to apples comp