WHERE DOES CRYPTO GO FROM HERE?

Summary from the TLDR Crypto newsletter

Crypto is losing its position as the default destination for speculative capital, with AI attracting $35B in private investment in 2024 (up 8.5x from 2022) and robotics securing $2B in Q1 2025 alone, while institutional capital increasingly favors crypto equities and spot ETFs over altcoins. Stablecoins have emerged as the dominant use case with $304B in total supply (up 33% YoY), monthly volumes exceeding both PayPal and Visa, and stablecoin reserves now holding $133B in US Treasuries as the 19th largest holder. Value is migrating from infrastructure – which is commoditizing as data availability costs race to zero – to the application layer, with RWAs scaling rapidly from $15M in tokenized stocks in January 2025 to over $500M today, while equity perpetuals gain traction across multiple platforms.