Something I've been thinking about recently is how much the speculative investment landscape has changed. For years, crypto was arguably one of the most obvious destinations for people seeking enormous returns and willing to accept enormous risk. But now we're competing for that capital with AI, technology, emerging industries and a whole range of other speculative opportunities. At the same time, inflation remains a concern, interest rates are influencing financial conditions and people are becoming increasingly selective about where they allocate capital. This is why I think the days of assuming every cryptocurrency will eventually pump simply because Bitcoin goes up are becoming less reliable. Liquidity matters, opportunity cost matters and having a genuine reason for investors to buy your asset matters. Crypto isn't disappearing, but the competition for capital is getting much more interesting.