The 2021 playbook is dead. Buying everything no longer works.
Ryan Connor, Head of Research at Blockworks, told Milk Road’s John Gillen that most crypto projects fail the moment you look past the surface. The market has moved on, and many investors haven’t caught up.
Connor said the last cycle rewarded tokens that had nothing real behind them.
“People in crypto were rewarding tokens for doing nothing, like bringing nothing to the table. All you needed in 2021 was a story and a token and some branding and you could walk away a multi-millionaire. That’s no longer the case.”
The buyers have changed. Institutions now set the pace, and they want real teams, real revenue, and real value. Tokens built on hype alone are getting wiped out.
Connor pointed out that crypto tracks NASDAQ closely. You cannot have a crypto view without a macro view.
Right now, the setup looks solid. The VIX is healthy, high yield spreads are tight, and the Fed is forecasting 5% GDP growth, the highest since 2014. More than half of that growth comes from the AI boom.
Deregulation is also helping. Connor described it as a “pressure cooker” release after years of regulatory crackdowns.
Connor named Pendle Finance as a 12-month play. The protocol holds 25-30x more TVL than its closest competitor in yield stripping. It wins whether stablecoins or perpetuals dominate.
Hyperliquid came up too. It offers equity perpetuals, something traditional finance cannot match yet. But Connor flagged the risks: traders jump platforms fast, and players like CME, Robinhood, and Coinbase could close the gap once regulations shift.
Connor said the mood among token holders has shifted.
“Token holders are revolting back. They want to see value accruing to the token. They’re not falling for stories anymore. They want to see proper structures with protections.”
For investors, recognizing which projects are built to last when market conditions change again will be the true win.
Cryptocurrency prices, especially Bitcoin, closely track the NASDAQ. A strong macro outlook with healthy GDP growth and low volatility typically supports positive crypto market performance.
No. The 2021 playbook of buying tokens based on stories alone is dead. Institutional buyers now set the pace, and projects without real value are being wiped out.
Today’s investors want clear value for the token, proper governance structures, and real revenue—not just promises. They prioritize projects built to last through market cycles.
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