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Steven Lubka suggests that current market conditions have left most cryptocurrency projects, except for stablecoins, real asset trading, and traditional finance infrastructure, past their peak.
He argues that this period is notably different from previous bear market cycles in crypto.
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Lubka has previously noted that much financial writing and research are based on the expectation that markets will revert to historical averages, according to his earlier commentary. He has also highlighted that 80 percent of displayed market value is concentrated in Mag7 market caps, describing this composition as less compelling for investors in a separate analysis. Both observations frame his current views on crypto sector trends.