This week on the Hivemind, the team debates whether the market is on the cusp of a new on-chain boom or whether the lack of a major wealth-creation event in Bitcoin, ETH, or SOL will keep the upside limited. They break down the green shoots showing up across FWA, FOMO, MetaDAO and other pockets of the market, why small and mid caps may offer better opportunities than the majors, and whether exhausted sellers could be setting the stage for the next move higher. The conversation also covers Hyperliquid and tokenized stocks, the competition between crypto and AI for speculative capital, whether buy-and-hold still works, and why the next sustained rally may require a very different catalyst than previous cycles. TIMESTAMPS 00:00:00 Intro 00:00:50 Is On-Chain Finally Coming Back? 00:09:05 Who Buys Bitcoin Next? 00:21:55 Where Does Crypto Value Accrue? 00:28:45 Majors vs. Small Caps 00:35:30 Crypto vs. AI 00:47:05 RWAs, HYPE & Tokenized Stocks 00:55:55 The FWA Experiment 🧠 Follow the Alpha ▸ Ceteris: ⁠https://x.com/ceterispar1bus⁠ ▸ Jason: ⁠https://x.com/3xliquidated⁠ ▸ Yan: https://x.com/YanLiberman ▸ Kevin: ⁠https://x.com/Kevin_Kelly_II 🎧 Listen here https://thehivemind.buzzsprout.com 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://x.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/ Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.