CoinMarketCap reports:

Foreign media reported that Bitwise CEO Hunter Horsley recently posted on X that the crypto industry is undergoing a phase shift, with market evaluation criteria moving from “storytelling” to “results.” He compared this shift to the reassessment that followed the dot-com bubble burst over two decades ago.

Shift from narrative-driven to results-driven

Horsley believes the phase where projects can achieve valuation based solely on roadmaps, visions, or market hype is shrinking. Fewer projects will survive in the future, and to secure long-term funding, they must demonstrate clearer adoption, revenue performance, or real-world utility.

The core of this review is not that the industry will weaken, but that the market is…