Despite strong performance from major assets, the broader crypto market tells a different story. Median token returns have dropped sharply, with many tokens losing around 80% of their peak value. This indicates that gains are increasingly concentrated in a small number of large-cap cryptocurrencies, leaving the majority of tokens struggling.

According to Arthur Cheong, this imbalance poses a serious risk to the ecosystem. If capital continues to flow only into dominant assets like Bitcoin and Ether, smaller projects may lose relevance, weakening innovation and diversity within the crypto space.