Crypto Market Shifts Focus to Fundamentals According to Blockworks Research

Ryan Connor, head of research at Blockworks, states that the crypto market is at a critical juncture due to increasing participation from traditional financial professionals following the legalization of crypto in the U.S. Key points include:

The new investors seek fundamental value in tokens rather than speculative trading.
There is evidence indicating that token prices are less influenced by sentiment and more by fundamentals over the past 18 months.
Vibe trading persists but remains confined to niche areas like memecoins.
As the market matures, fundamentals will play a larger role, especially for early-stage projects.
Key metrics to assess include revenue, cash flows, and earnings, paralleling high-growth tech companies.
Currently, revenue is the most critical metric, with additional metrics varying by project.

While sentiment will always have a place in crypto, integrating fundamental analysis can enhance project evaluation.