@alstontitus

Move beyond headline dominance. Segment market cap by function (monetary assets, smart-contract platforms, DeFi, infra, RWAs, memes) and by liquidity quality (free-float, exchange depth, borrow availability). Construct “adjusted dominance” weighting for float and turnover to avoid illiquidity bias. Add factor exposures: macro beta (rates, dollar), crypto-specific beta (ETF flows, mining supply), tech beta (throughput, dev commits). Use regime switching to detect rotations—e.g., when ETF net inflows plateau, capital migrates to L2s or high-beta ecosystems. Analyze realized cap and age bands to see where profits concentrate, signaling potential supply overhangs. Finally, link valuation to cash-flow proxies (fees, MEV capture, staking yield) to separate utility-backed caps from purely reflexive segments, improving allocation timing post-ATH.

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