ZhuSu, the original founder of Three Arrows Capital, wrote that the sentiment in the crypto market is similar to 2019 in many ways. Bitcoin's dominance is high, people question whether everything needs a token, and some of the previous major narratives seem to be overturned. Builders are turning to other areas. "Some say things are worse now than they were in 2019, but that's definitely not true. In 2019, there was a general perception that blockchains, not just tokens, were useless. That's why you can do things like buy L1 for free. That's also why the price of Ethereum is 0.02. I think even the big pessimists right now don't see blockchains as useless -- in fact, they mostly take blockchains for granted. That's a sign of actual adoption."