Outlook for Q4 Structural Forces at Play (What?) - 4 Year Cycle - Q4 Seasonality - Pockets of Isolated Strength - Fast and Strong Rallies Culmination of Factors (So What?) The most logical thing participants with large inventory (funds/individuals/projects themselves) would do is operate within the 4 year cycle framework, as what they do with the tokens create the inflection points, and the door to the exit isn't big enough for everyone. On average, we have ~$1B of alts being unlocked everyday. It makes little sense to stay when you know billions more are leaving balance sheets everyday. That said, because pockets of outperformance has been the norm for the entire cycle, people have been deluded into using this as the prelude to another market wide rally regardless of the evidence around them (it's just not our time yet!). The ill-placed risk appetite means you get more fuel for the market leaders despite being late in the cycle/cycle already over. Lastly, throughout the entire cycle, aside from BTC + AI from last Q4, all rallies/meta ended most of their upside within around 1 month - WIF $300M > $4.8B (37 days, 70% of it was done in 21 days) - Boden $0 > $730M (38 days) - ETH DAT (50 days) - PUMP (20 days) etc. etc. The more price agnostic buyers you can attract, the longer it last, but the numbers don't differ enough to change your behavior. Now take into account that we're at cycle end, it warrants more caution. I think this is all very basic to those that are not deluded, but when you're in the weeds it's easy to get lost. Play obvious strength & obvious catalysts, and don't hold unreliable targets.

Given how the market has been rewarding "utility projects" more and more lately, while your choices of obvious opportunities might differ from mine, I'd stay close to those with stats on activity on their platform. It gives the market a reason to buy the token. Plasma, Aster are utility tokens with a strong name behind them. Zora, Pump are utility tokens with above average platform traction compared to peers. Whatever works next are likely to be of a similar nature.