It’s still early, but if you squint, you can start to see the kind of things that will lead us out of the bear market:

* The rise of agentic finance (see: Coinbase)

* The rise of institutional DeFi (see: BlackRock/Uniswap)

* Progress on quantum risk

* Tokenization accelerating

It takes a lot of positive data points to find a bottom, and there’s every chance there is another leg lower. But we’re at least starting to put a few points on the board.