Singapore Token 2049 Market Insights

Author: Jason Choi Source: X, @mrjasonchoi Translation: Shan Ouba, Golden Finance At the last Token2049 conference in 2024, I attended a trader cocktail party where everyone was unanimously bearish on the market. Shortly thereafter, we increased our risk exposure for the year, which ultimately proved to be the right decision. Market sentiment at this conference was clearly divided: everyone was highly consistent in their long-term bullish stance on Bitcoin, but for other crypto assets, at current prices, no one managing significant funds had a genuine confidence in their long-term prospects. Clearly, traders comprise the largest group of those who currently hold significant funds and have survived—as evidenced by the fact that most product discussions centered around perp dexs. Much of the market discussion has focused on the responses of Hyperliquid and Binance, as well as the upcoming new entrants. Within the DeSci and DePin sectors, some groups are still genuinely attempting innovation, and their efforts are positive and healthy, but such cases are rare. Current market sentiment is evenly split, with 50% bullish and 50% bearish, and both sides have valid reasons to support their bullish stance: Reasons for the bullish outlook: The monetary environment is becoming increasingly loose; Bitcoin, like a spring poised to unleash its potential, is currently lagging behind gold's growth but is expected to drive the overall market upward in the future; the current "profit-driven" market trend is significantly healthier than the previous "meme coin-driven" market, and this trend is likely to last longer. Bearish Reasons: The hype has spread from HYPE to ASTER and then to $XPL, indicating that funds are still playing with existing stocks; there is no new net inflow into the market; no new innovative attempts to boost confidence have emerged; DATs are clearly showing a "slow bleeding" trend, a typical phenomenon at the end of the cycle.