The Next Crypto Bull Run Won’t Be About Coins or Viral Hype

Crypto bull cycles over the past 5 years have been mostly about token speculation and, more recently, institutional adoption. But the next cycle will be dominated by real-world applications, according to Clem Chambers – founder of ADVFN, Europe’s leading stocks and markets website

Speaking at BeInCrypto’s Markets Intelligence Council, Chambers argued that the industry is moving past its trading-driven cycle.

“That era has probably ended and certainly is coming to an end. And then that will be replaced by use cases,” he said, pointing to a structural change in how value is created in crypto.

The Trade Is Crowded, The Utility Isn’t

His comments come as the current cycle shows clear divergence between price action and underlying activity. Bitcoin and Ethereum continue to attract institutional flows, especially in a post-ETF environment. 

However, capital is concentrating at the top, while mid-tier tokens struggle to hold attention or liquidity.

At the same time, a different layer of the market is gaining traction. Tokenized real-world assets, stablecoin-based payment rails, and blockchain infrastructure tied to AI and data are seeing steady growth. 

These sectors generate usage, fees, and in some cases, real revenue — something most speculative tokens failed to deliver in previous cycles.

Forget Tokens, Think Products

Chambers framed this shift bluntly. 

“Forget Fi and look for apps, not Fi, apps, applications of tokens and blockchains,” he said. 

Earlier cycles focused on financial primitives — DeFi protocols, yield farming, and token trading. The emerging trend centers on applications that users interact with directly, often without focusing on the underlying token.

This aligns with broader market signals in 2026. Tokenized funds from firms like BlackRock and growing stablecoin usage in payments show how blockchain is embedding into existing financial systems. 

Meanwhile, infrastructure sectors such as decentralized physical networks and AI-linked protocols are attracting developer activity and venture funding.

However, this transition is uneven. Speculative trading still drives short-term price moves, and retail participation remains largely momentum-based. 

Many application-layer projects also struggle with user retention and monetization.

Even so, the direction is becoming clearer. If previous cycles were driven by narratives around tokens, the next phase may depend on whether blockchain-based applications can deliver consistent utility.

Chambers’ argument reflects a broader reality: the market is starting to reward usage over hype. 

Whether that shift fully defines the next cycle will depend on how quickly these applications can scale beyond crypto-native users.