In an industry often driven by waves of speculation and buzzy trends, the current crypto cycle feels notably different — and for Jason Guthrie of WisdomTree, that’s actually a good thing.
Speaking at the Consensus conference, Guthrie, who heads product at the asset management firm, shared a refreshing perspective: the absence of a hyped-up, “frothy” use case — like the ICOs of 2017 or the NFT frenzy of 2021 — could be exactly what the maturing crypto market needs right now.
“We’re not seeing a single explosive use case driving the entire ecosystem this time,” Guthrie explained. “And yet, we’re still witnessing real growth — in both value and innovation. That speaks volumes.”
In previous bull cycles, specific trends tended to dominate headlines and investor attention. The 2017 ICO boom raised nearly $5 billion, then skyrocketed to over $33 billion in 2018 before fizzling out the following year. Similarly, NFTs caught fire in 2020 and peaked in 2022 with over $57 billion in trading volume and more than 120 million transactions. But with both of these now well past their prime, the current rally seems to be driven more by substance than spectacle.
Guthrie sees this evolution as a healthy sign. Instead of relying on the next big thing to fuel temporary excitement, the crypto space is now being shaped by companies steadily building products, growing user bases, and demonstrating long-term value. “That kind of foundation is far more sustainable,” he said.
One telling indicator of this shift is how the market continues to grow despite the lack of a dominant, overhyped narrative. Total crypto market capitalization hit an all-time high of $3.71 trillion in December 2023, according to CoinMarketCap. Meanwhile, adoption by traditional companies and even governments is rising. GameStop, for instance, has leaned into crypto, and Ukraine has explored using digital assets as part of its national treasury strategy.
This isn’t to say the space is free from all noise. Guthrie acknowledged the recent memecoin craze, especially within the Solana ecosystem, but he noted it hasn’t reached the frenzied levels of past bubbles. Even high-profile meme-related launches, such as the Trump-themed token, saw surges — like Pump.fun’s record $3.3 billion in weekly trading volume — but the momentum has waned following a string of scams and failed projects, such as the notorious Libra rug pull.
Still, Guthrie believes the real story isn’t about fading trends but what’s happening beneath the surface. “There’s still a lot of innovation ahead of us,” he said. “We’re in the early innings, but this cycle feels more grounded — less about hype and more about building real utility.”
From his vantage point, that shift away from speculative mania could be exactly what crypto needs to establish a durable presence in the financial landscape. It’s a sign that the industry is learning from past excesses, maturing in its development, and finally laying the groundwork for long-term success.
In short, for Guthrie and WisdomTree, the lack of noise is a sign of strength — not weakness. And if the current trajectory holds, this quieter bull market might just be the most meaningful one yet.
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