Bitcoin (CRYPTO: BTC) is showing early signs of separating from equities as crypto infrastructure, tokenization and institutional access lay the foundation for the market’s next growth cycle.

Why Snyder Has ‘Never Been More Bullish‘

In an interview with Scott Melker on July 30, 21Shares co-founder Ophelia Snyder said Bitcoin’s muted reaction to a hawkish Federal Reserve meeting could indicate that it has absorbed much of the selling pressure from nervous investors.

"It feels like Bitcoin’s oversold to some extent," Snyder noted. "The people who want out have gotten out at this pricing."

Melker added that events that previously would have triggered steep declines are no longer having the same effect on Bitcoin.

For Bitcoin, she pointed to a gradual global shift away from the U.S. dollar as a reserve asset, increasing central-bank interest in gold and growing questions about the future composition of national reserves.

That environment could allow BTC to play a larger role in global trade and reserve discussions, particularly if geopolitical fragmentation encourages countries to seek politically neutral assets and settlement systems.

Meanwhile, Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL) and other smart-contract networks could benefit as countries and financial institutions look to reduce their dependence on U.S.-controlled payment infrastructure.

Crypto Faces A Product-Market-Fit Reckoning

Snyder warned that the industry is moving beyond an era in which projects could attract capital based primarily on access, incentives or ambitious visions.

The next generation of successful crypto protocols will need measurable usage, sustainable economics and clear product-market fit.

"Ten years is a really long time to live on vision," Snyder added. "Show me the numbers."

She highlighted Hyperliquid as an example of a platform that can demonstrate real activity and economics, adding that investors increasingly need metrics comparable to earnings per token.

Also, Snyder said the crypto industry’s first decade was primarily a battle to provide access.

Companies such as Coinbase Global Inc. (NASDAQ:COIN), Binance and 21Shares grew by giving investors exposure to assets they could not obtain through traditional brokerage platforms.

Now that major financial institutions are adding cryptocurrency trading and investment products, the industry is entering a second phase centered on utility and execution.

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