Blockworks boss says the "buy it all" era is over.

• Institutions demand real value from crypto projects.
• Tokens based solely on hype are losing ground.
• The cryptocurrency market remains more closely linked to macroeconomic trends.

The phase in which virtually any token rose along with the cryptocurrency market is over, according to Ryan Connor, head of research at Blockworks. In a conversation with John Gillen of Milk Road, he assessed that many projects lose momentum when analyzed more deeply.

Connor recalled that, in the previous cycle, a catchy narrative and a token were enough to attract large volumes of capital. In his view, this behavior has been replaced by a more selective approach, driven mainly by institutional investors.

“In the world of cryptocurrencies, people were rewarding with tokens those who did nothing, who contributed nothing. In 2021, all you needed was a story, a token, and a little branding to become a multimillionaire. That doesn't happen anymore.”

He stated that buyers now prioritize structured teams, clear business models, and revenue generation. Projects based solely on expectations and marketing are facing greater difficulty in maintaining value and relevance.

The analyst also highlighted that the performance of cryptocurrencies is increasingly connected to the macroeconomic scenario. According to him, it's impossible to evaluate the sector without observing traditional indicators, since the correlation with markets like the NASDAQ has become more evident.

Among the factors that make up the current backdrop, Connor cited lower levels of volatility, tighter credit spreads, and more optimistic economic projections. He added that growth linked to artificial intelligence has influenced risk appetite in various segments.

Regulatory easing in some markets was also mentioned as a relieving element after years of pressure on technology and cryptocurrency companies. This environment, according to Connor, favors projects that already have more solid fundamentals.

When discussing specific opportunities, he mentioned protocols that showcase a large volume of total value locked and clear utility within the ecosystem. Platforms with technical differentiators also caught his attention, although he stressed that competition could increase rapidly.

Connor also observed a shift in attitude among token holders, who are now paying more attention to value capture and project structure.

“Token holders are revolting. They want to see the token's value accrue. They will no longer believe stories. They want to see proper structures with safeguards.”

For investors, identifying which projects have a solid foundation to withstand further changes in market conditions will be the most important differentiating factor.