The crypto market may eventually evolve into something like the precious metals market—characterized by bull and bear cycles, leverage tools that are dozens or even hundreds of times, and a thriving trading environment. But the difference is that no one would consider precious metals as an incremental growth track; they only attract swing traders and speculators.

This market isn't necessarily bad; liquidity is ample, and tools are comprehensive. The problem is that it has lost its freshness. There are no more incremental stories left; what remains is a zero-sum game between existing assets and chips.

Investors find it hard to get excited because they see no innovation. Only traders remain endlessly enthusiastic.