Ryan Connor: “Buy Everything” Strategy Dies, Investors Turn to Real Value Projects?

Jakarta, Pintu News – The strategy of buying almost all crypto assets as is commonly done in the 2021 cycle is now considered no longer relevant. Blockworks’ Head of Research, Ryan Connor, asserts that the cryptocurrency market has fundamentally changed. Narrative-based tokens with no real product, revenue, or utility are no longer gaining appreciation. This shift marks a new phase of the crypto market that is much more selective and rational.

The Hype Era is Over, Fundamentals are the Key Determinant

Ryan Connor explains that in previous cycles, many crypto projects managed to skyrocket on storytelling and branding alone. Tokens that carried no real value remained highly valued due to the dominance of retail investors and market euphoria. However, this pattern no longer holds true as the extreme speculative phase comes to an end. The market has “cleaned up” projects that fail to show real contributions.

This change has occurred because the composition of market participants has shifted. Institutional investors now play a bigger role in determining the direction of the cryptocurrency market. They demand credible teams, clear business structures, and sustainable revenue streams. As a result, pure hype-based tokens are finding it increasingly difficult to survive amidst tougher competition.

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Macro Factors and Smart Money Movement

Connor emphasized that crypto now moves with the global financial markets, particularly the NASDAQ index. The view on cryptocurrencies can no longer be separated from macro conditions such as monetary policy, market volatility, and economic growth projections. Currently, the macro environment is considered relatively conducive with projected US economic growth of around 5%, the highest since 2014. The main impetus comes from the expansion of the artificial intelligence sector and the easing of regulations.

In this context, Connor highlighted projects that are considered to have strong business models. Pendle Finance was cited as one interesting opportunity as it dominates the yield stripping segment with a TVL well above its competitors. In addition, Hyperliquid attracted attention through its equity-based perpetual product, which has not been offered in the traditional market. However, Connor cautioned that competition from large institutions could arise quickly when regulations change.

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Investors Now Demand Real Value from Tokens

Token holder sentiment has also undergone significant changes. Investors are no longer satisfied with long-term promises with no evidence of value accrual to tokens. They are demanding fair structures, protections for token holders, and mechanisms that ensure economic benefits are actually realized. This reflects the increasing maturity of the crypto market as a whole.

According to Connor, investors’ ability to distinguish projects that are cycle-proof is key to success going forward. Haphazard buying strategies have been replaced by selective approaches based on fundamentals and macro context. In the ever-changing market conditions, the quality of the project becomes a major factor. Crypto is no longer about “buying everything”, but rather choosing the truly worthy ones.

Conclusion

Ryan Connor’s statement confirms that the crypto market has entered a new, more disciplined phase. The era of baseless speculation is being left behind, replaced by a focus on utility, income, and sustainability. The official “buy everything” strategy is losing its relevance amidst the dominance of institutional investors.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coinpedia. ‘Buy Everything’ Crypto Strategy Is Dead, Says Blockworks Research Head. Accessed February 2, 2026
• Featured Image: Generated by AI