Blockworks' head of research, Ryan Connor, highlights that the cryptocurrency market is evolving, with fundamentals now playing a crucial role. As traditional financial professionals begin to invest in crypto due to its increasing legitimacy in the United States, there is a shift away from speculative trading ('vibes') towards a demand for tangible value in tokens. Connor notes that while speculative trading will persist, the focus on fundamental metrics is becoming more pronounced, particularly as projects face volatility. This maturation allows for an examination of early-stage token projects where traditional financial analysis prioritizes revenue growth over profits. As token governance remains opaque, understanding these fundamentals will be vital as the market progresses.

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