Variant: second half of bull market will funnel capital into bitcoin and cash-flow protocols
- —Levin says the crypto market bottomed in July 2026
- —Capital will flow to bitcoin and protocols with real revenue and fees
- —AI-narrative tokens are framed as a contrarian top signal and short-term bets
- —Projects where token value diverges from equity cash flow will get lower multiples
Why it matters: The thesis signals a venture-capital shift toward assets with real cash flow, which could weigh on narrative-driven AI tokens.
Source: 動區 BlockTempo