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2025 had a funny way of humbling narratives.
According to @coingecko, RWAs were the most profitable narrative this year, up +185.8% YTD.
It didnt happen because they were loud, but because they worked.
Meanwhile, the sectors that once carried the hype cycle (GameFi and DePIN) bled out -75%+ YTD.
Even the @solana ecosystem that had it's own mindshare all year, ranked among the biggest decliners.
Feels like one of those markets that quietly teaches you a lesson.
In 2025, the money followed fundamentals.