$QUALITY - Focus on high-quality projects with real usage and fundamentals as the crypto industry matures, moving away from narrative-driven plays
$ATHENA - Athena is viewed as a yield product with strong appeal beyond crypto natives, representing one of the few crypto products with real utility and product-market fit
$STABLES - Stablecoins have achieved clear product-market fit with institutional adoption and are one of the few crypto use cases generating significant revenue
$PERPDEX - Perpetual futures platforms are identified as one of only three crypto use cases with proven product-market fit generating billions in revenue
Bearish:
$ETH - Current Ethereum valuation of half a trillion dollars is not justified if crypto merely becomes background infrastructure for stablecoins
$DEFI - Traditional DeFi has compromised on decentralization ideals, with even successful projects moving away from the original decentralized money vision