Thoughts on current market consensus

The author's conclusion is that crypto trading is now dominated by traditional finance through ETF flows, and that other crypto sectors have lost their momentum. The post says ETF flow only benefits BTC and ETH, with no new money entering other sectors, and that CME volume has surpassed offshore centralized exchange volumes. It names L2s, ZKs, alt L1s, fast chains and intents as last-cycle narratives that have become saturated, with dry liquidity. It also says TON's large user base draws attention to the "mass adoption" narrative, which it describes as the only attractive one right now, and concludes that crypto needs a use case beyond finance to attract new users and money.