@ireneisaiah

It can, but only by triangulating multiple lenses. Genuine momentum tends to pair price advances with breadth (rising active addresses, developer commits, TVL quality), improving liquidity depth, and sticky users beyond incentive programs. Unit-economic markers—sustained protocol revenue, fee capture, and L2 settlement demand—corroborate. Bubble characteristics include narrowing leadership, exaggerated funding rates, reflexive memetic flows detached from fundamentals, and spikes in short-dated implied volatility. Watch unlock calendars, ETF net flows, and basis between spot and futures; persistent positive basis with balanced funding suggests healthier demand. Cross-asset context matters: easing financial conditions and shrinking real yields support risk, but parabolic moves without pullbacks usually fade. In short, momentum looks durable when usage scales with cost efficiency and capital intensity declines.

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