DeFi researcher Ignas believes narratives for a short-term crypto market rally have nearly run dry. According to Odaily, institutional adoption is progressing, but traditional financial institutions can capture most of the gains without directly buying tokens. This makes the investment case for tokens betting on institutional adoption less compelling; the real upside may lie more in stocks and private markets. He said many tokens seem to have become “payment tools” for institutional partnerships, potentially leaving holders as the exit liquidity. The HYPE trade thesis driven by news related to the NYSE may have already played out, and the impact of licensing approval and its actual effect on buybacks remain to be seen. Although AVAX has a partnership with the NYSE, it remains to be verified how much value the NYSE’s use of its core ledger technology will bring to the AVAX token. Bitcoin could rise if expectations of monetary easing emerge, but that may be unlikely before the AI bubble bursts; an AI market crash could also hit crypto assets first. The altcoin speculation market continues to shrink, as hype, FOMO, and project teams’ extraction narratives lose their financial backing. Ignas believes the crypto industry will persist over the medium to long term, but may face pressure on risk assets from a more hawkish stance by the U.S. Democratic Party and rising interest rates. He also said that bearish commentary may instead be a bullish signal: when the market broadly wants to sell, it may be worth considering buying.