Crypto will remain the best market for speculation because it is the most reflexive asset class on earth. In equities, rising prices do not impact the underlying business. For example, Apple stock can only go up so far before its P/E looks unreasonable against the same revenue base. In crypto this is not the case because the business of tokens is largely tied to speculation on financial assets, which directly benefits from higher prices. For example, when HYPE and alts go up, there is more demand for trading + leverage, and Hyperliquid's revenues increase. Rather than multiple expansion, you likely see the opposite: revenue outpaces price, and assets trade at more attractive multiples. Last week was a great illustration of this effect: despite tokens gaining up to 60%, revenue outpaced price in 10 of 16 sectors. Perps specifically: revenue up 243% on a 43% move. This is why tokens have no real value ceiling: unlike equities, higher prices arguably make them more attractive in the short term rather than less attractive. Buybacks + DATs add one more layer to this reflexivity where the activity directly leads to higher prices, further perpetuating this dynamic. If you can buy these reflexive tokens at reasonable multiples on historically muted activity, it will likely pay off very well in the bull.