In certain investor circles, an optimistic thesis is making the rounds. The narrative is that capital will soon rotate back into digital assets on a massive scale, drawn by beaten-down prices and a growth potential that other asset classes can’t match. In this supposed “Great Rotation,” heavily bruised assets like Bitcoin (BTC +0.26%), Ethereum (ETH +0.35%), Solana (SOL +0.37%), XRP (XRP +0.17%), and even Dogecoin would become winners once again, if perhaps only for a few quarters or a couple of years at most, until capital finds a more appealing opportunity.

It’s nice to think that your investments will go up, and if there’s a hunch like this, it can sometimes make sense to position your capital ahead of time to capture growth. But…