Has the logic for the next bull market changed? Clem Chambers warns: the crypto market will move on from the “coin-flipping era”

Gate News message: as the 2026 crypto market structure continues to evolve, industry insiders are starting to re-examine what drives a bull run. ADVFN founder Clem Chambers said that the next market cycle may no longer be driven by token speculation and sentiment, but instead shift toward real applications and the creation of long-term value.

Over the past several cycles, the crypto market has largely revolved around trading and speculation. Bitcoin, Ethereum, and all kinds of altcoins have risen in turn, powered by capital flows. But at the current stage, the market is showing clear divergence: institutional capital continues to flow into leading assets, while mid- and small-cap tokens face problems such as declining liquidity and waning attention.

At the same time, another growth path is taking shape. The tokenization of real-world assets, stablecoin payment systems, and data infrastructure that integrates with artificial intelligence are gradually expanding. These areas not only bring more on-chain usage, but can also generate ongoing fees or even cash flow—contrasting with the earlier model that relied on narrative-driven momentum.

Clem Chambers emphasized that the industry should move from “financial narratives” to a “product-first” approach, focusing on the ability of blockchain technology to be implemented in real-world scenarios, rather than simply orbiting around token price fluctuations. With more and more users using related services, they may not even need to directly interact with the underlying token. This shift is reshaping the path of value capture.

From a macro perspective, tokenized assets pushed by large institutions and stablecoin applications are accelerating blockchain’s integration into the traditional financial system. Meanwhile, decentralized infrastructure and AI-integrated projects are also drawing developers and capital.

However, this transition is still in its early stage. In the short term, speculative trading continues to dominate market volatility, and some application projects still face challenges in both user growth and profitability. The key in the future will be whether these applications can break out of the crypto-native user circle and achieve broader adoption.

The market is gradually sending signals: the era of relying purely on narratives may be ebbing, and projects that truly offer usage value could become the core driving force behind the next cycle.