The next crypto bull market may be much harder to profit from than the last one.

Last cycle, the problem was too many altcoins competing for the same liquidity. Finding the winners was difficult, and most tokens eventually underperformed.

Now, crypto faces a much bigger competition.

Capital can flow into tokenized stocks, AI companies, tech stocks, ETFs, public companies, and countless other assets—all within increasingly connected financial markets.

Liquidity is going to be spread across more opportunities than ever.

That’s why I’m skeptical that most altcoins will outperform this cycle.

I think the biggest winners will be a small group of projects solving real problems—especially those building the infrastructure for tokenized equities and real-world assets.

The next big opportunity in crypto might not be another altcoin narrative.

It might be the infrastructure connecting traditional finance to blockchain.