The next crypto recovery trade might be equities instead of tokens

- The altcoin complex is down 45% from its peak, and Bitcoin is having a worse start than a decade ago. While moonboys wait for an altseason that vanished three years ago, capital is fleeing to AI stocks and IPOs. ARK Invest bought $5.4M in crypto equities like Coinbase, Circle, Robinhood, and Bullish despite the dip. Smart money isn’t betting on the next memecoin; they’re betting on the toll booths. Coinbase collects fees when volumes return. Circle profits from USDC circulation regardless of narrative churn. Robinhood captures retail FOMO. These companies offer "activity beta" rather than token price speculation. If you’re still holding bags of dead L1s, you’re just a meat wallet funding the infrastructure. Buy the shovels, not the gold rush that never happened.