The 2018 cycle taught us that infrastructure maturity matters more than price momentum. In 2018, projects with weak fundamentals collapsed 90%+ and never recovered; those that built through the bear—like Ethereum's shift toward proof-of-stake—emerged stronger. Today's institutional adoption narrative mirrors 2020's recovery phase, not 2018's euphoria. The question isn't whether we dip further, but whether the builders are still building.
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