Many top crypto projects are struggling to defend their market share, while attention is increasingly shifting toward newer technologies built for the next crypto cycle. Investors are closely watching whether last cycle’s leaders still have the momentum to sustain another major advance.

This cooling phase has created ideal conditions for capital rotation. Rather than chasing assets that may have already peaked, larger investors are gradually reallocating toward emerging protocols with clear functional value. Demand is moving beyond simple exchange-based tokens toward platforms that deliver financial infrastructure.