Crypto Market Shifts Focus from Stories to Cash Flow

According to Bitget, the current crypto market has shifted from focusing on stories and expectations to prioritizing cash flow and verifying fundamentals. Haotian, a writer for Bitget, shared four survival rules for trading in this cycle based on 'looking at cash flow.' The first rule is to prioritize projects with genuine value-capture capabilities. In bull markets, the market often pays for stories and expectations, but in bear markets, only real cash flow and buyback records matter.

A 'real immunity token' this cycle is a protocol that can generate fees continuously and distribute them directly to token holders through buybacks, burns, or dividends. Examples of such tokens include $UNI, $PONS, and $HYPE. The second rule is to choose projects where the product-market fit (PMF) has been achieved and a complete closed loop is formed.

The market will shift from favoring technical narratives and roadmap extensions to practical use case validation. Projects without real users, genuine transaction loops, or real income will be quickly filtered out. The third rule is to choose assets with strong 'consensus.' This means consensus that naturally develops in the market and can sustain across cycles.

Old assets like $DOGE, $PEPE, and $ZEC have survived multiple bull and bear cycles and maintain good liquidity and survival. They are easily targeted and repeatedly traded by major players. The fourth rule is to avoid pure VC tokens as much as possible. High FDV and low circulating supply make it difficult for these tokens to generate buzz beyond airdrop expectations around TGE.