Crypto markets tend to operate in reverse order compared to traditional finance:

Liquidity gets bootstrapped before everything else. Price discovery happens before any real business structure solidifies. Then—if cash flows ever materialize—they get wedged into the existing framework retroactively.

This backwards sequence creates a perfect storm: volatility runs wild because there's no fundamental mooring, and long-term valuation loses its anchor. Without stable cash flows or clear utility to reference back to, prices swing on sentiment alone.