According to CryptoQuant CEO Ki Young Ju, altcoins can survive in the current market only if they possess real revenue streams, strong ecosystems, and align with broader financial trends. In a June 17 X thread, Ju stated that the period when projects could generate money solely through token issuance has ended, declaring that purely narrative-based altcoins are dead. He emphasized that investors should now focus on projects with revenue, real users, and long-term business value rather than relying solely on market narratives. Ju believes the market has changed dramatically, with the days of making money from tokens backed only by hype and narratives largely over, while narratives still matter but investors are now looking for projects with real businesses, real users, and sustainable revenue. Ju concluded that just as true IT giants emerged after the internet bubble, real crypto enterprises will also emerge after this cycle.
Ju identified three key areas where surviving altcoins operate effectively. Global internet companies with tokenized market layers include examples such as BNB from Binance and GRAM from Telegram, which he described as having real revenue, long-term commitment, and strong execution. He also highlighted DeFi protocols with real revenue, specifically mentioning decentralized exchanges like Hyperliquid that continue generating solid income. The third category includes projects that align with larger financial trends shaping the future of the industry, with sectors such as stablecoins, real-world assets (RWAs), and tokenized stocks becoming increasingly important because they connect blockchain technology with traditional finance and real economic activity. Ju noted that the crypto market is finally focusing on practical use cases rather than purely speculative themes, with the focus gradually shifting toward projects that offer clear utility and solve real-world problems. A Standard Chartered DeFi forecast projects the sector could reach $2.7 trillion by 2030, lending institutional weight to the view that revenue-generating protocols carry durable value.
According to Ju's analysis, the altcoin market has remained largely stagnant since its 2021 peak, while Bitcoin has absorbed significant liquidity from traditional finance. He noted that previous altcoin seasons primarily stayed within the crypto ecosystem, with each cycle driven by new crypto-native themes. The CEO warned that 99.9% of altcoins should be rejected, but emphasized that rejecting most tokens doesn't mean every altcoin lacks value. Recent market developments show Upbit's delisting of NKN/BTC in June while the token remained 99.5% below its all-time high, highlighting the pressure on weaker altcoins. Ju compared today's crypto market to the internet industry after the dot-com bubble, when many companies disappeared but stronger businesses eventually emerged. A shifting macro backdrop in 2026, from Federal Reserve policy to geopolitical developments, has kept new capital focused on Bitcoin rather than the broader altcoin market, with most altcoins stalled well below their previous highs.
Ju expects the next phase of crypto development to favor projects connected to real business demand and AI agent infrastructure. He noted that tokenized real-world assets have crossed $29 billion and major institutions continue building tokenization infrastructure. The CEO anticipates that blockchain infrastructure may become more useful as automated agents transact across the internet, representing a shift from speculative trading to practical business applications. Ju also thinks artificial intelligence as a potential growth area for blockchain, as AI agents become more common across the internet, noting that blockchain infrastructure built to support those systems could see growing demand in the years ahead. He concluded that the market is entering a more regulated phase, suggesting that while crypto may become slower, it will also become bigger and safer as Wall Street involvement increases. Ju addressed his Bitcoin maximalist following directly, stating "I agree that 99.9% of altcoins should be rejected. But 'most are trash' is not the same as 'all are trash.' Be selective, not prejudiced."
