capital isn't chasing broad beta anymore. it's getting selective when the market is weak, money moves toward real usage, fee generation, and market infrastructure that intersects with TradFi perp DEXs are capturing trade flow, prediction markets are capturing attention and information flow, RWAs are capturing institutional deployment the security and privacy side is also becoming mandatory infrastructure, not "nice to have" as onchain capital grows so while most L1s and L2s are still priced on future usage expectations, these sectors are offering measurable economic activity today the data partially supports this: ➛ total crypto market cap fell 12.6% in Q2, perp volume only dropped 10%, while CEX spot volume fell 27.9% trading activity held up far better than spot beta ➛ prediction market volume reached $43.2B in Bitwise's Q2 measurement ➛ tokenized RWAs grew 50.3% year-to-date to $32.89B but this alone isn't a "buy every token in these sectors" thesis the real filter: is the protocol actually generating fees, are those fees sustainable, and does the token holder capture a share of that economic value not narrative. value capture.