According to CoinMeta, Bitwise CEO Hunter Horsley stated that crypto investors are gradually returning to fundamentals, starting to focus on revenue, usage, and value capture, rather than relying solely on market capitalization rankings. He pointed out that in the past, investors often valued emerging Layer-1 networks as a small part of larger blockchain ecosystems, but this approach is losing its influence. Investors now pay more attention to addressable markets, adoption rates, and the economic value that projects can capture. Horsley also mentioned that HyperLiquid is an example where investors can evaluate tokens based on their trading activity and economics, rather than viewing them as a scaled-down version of another blockchain. Traders from Wintermute, including Jasper, de, and Maere, also agreed that fundamentals and trading volume are important over different time frames. Over the past 12 to 18 months, investors' focus has shifted from infrastructure to applications and application chains that fit better within the framework of fintech and venture capital.