HODL IS DEAD, DAOS ARE LMAOS, BYE DEFI

Summary from the TLDR Crypto newsletter

The "HODL" era has ended for all but Bitcoin, which remains the only crypto asset with macro-level status. Market dynamics now favor fast, tactical trading. Venture capital has shifted from early-stage enthusiasm to extraction, yet Q1 2025 still saw $4.8 billion in inflows, particularly into real-world asset (RWA) protocols and blockchain infrastructure. DeFi's decentralization ideal has mostly given way to institutional “on-chain finance” using vault strategies and tokenized RWAs, while DAOs are increasingly centralized, prompting critiques of them becoming oligarchic or ineffective.