Marc Arjoon, CFA 🟪(@marcarjoon):Factor analysis shows that the crypto market has been rewarding revenue *growth* in recent trading windows. Over the past 7 days, the fastest growers (Q1) returned an average of +3% vs protocols whose revenue declined more than 20% (Q5) saw an average return of -4%. That's a +7pp spread in just one week. Even protocols with little or no growth (Q3) outperformed. Fundamentals matter.

Marc Arjoon, CFA 🟪

@marcarjoon

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Marc Arjoon, CFA 🟪@marcarjoon

2026.07.20 12:44

Factor analysis shows that the crypto market has been rewarding revenue *growth* in recent trading windows. Over the past 7 days, the fastest growers (Q1) returned an average of +3% vs protocols whose revenue declined more than 20% (Q5) saw an average return of -4%. That's a +7pp spread in just one week. Even protocols with little or no growth (Q3) outperformed. Fundamentals matter.