Bitcoin has finally fallen below $70,000. Among the top 100 cryptocurrencies by market capitalization, only seven remain above their 200-day moving average. In contrast, 53 companies in the Nasdaq 100 are still trading above the same level. There is little need for interpretation. Capital has already made its judgment.
This reality cannot be ignored. The market has clearly entered a bearish phase, and crypto has been among the first assets to feel the pressure. Yet it would be misleading to say that everything is collapsing in the same way. Even in this harsh environment, a small number of crypto assets continue to hold their ground, or at least demonstrate relative strength compared to the broader market.
Dismissing these cases as the result of artificial market making or accidental rebounds does not fully explain what is happening. Their behavior is too consistent for coincidence. What stands out is a shared trait. These projects no longer rely on vague visions or technical spectacle. Instead, they focus on solving concrete problems the market is facing right now.
Do they address an immediate pain point? Are they ready for real-world use in the near future? And are they building infrastructure the industry will depend on over the long term? Projects that survive downturns tend to provide a clear answer to at least one of these questions. In the end, practical problem-solving proves to be the strongest form of fundamentals, especially in markets like this.
Seen through this lens, the direction chosen by the market becomes clearer. The projects that remain relevant recognized real problems and offered solutions appropriate to their timing. Hyperliquid tackled a problem that exists today: dissatisfaction with centralized exchanges. While centralized platforms claim accountability, history shows that they rarely stand on the side of users during crises. Decentralized alternatives emerged, but most failed to match the usability of centralized exchanges. Hyperliquid introduced the concept of a perp DEX, delivering high leverage, fast execution, and stable liquidity through its HLP model, all on-chain. Early users arrived chasing the $HYPE airdrop, but many stayed because the product worked. The platform endured because it solved a present-day problem.
Canton Network looks further ahead. Institutions are no longer viewing blockchains simply as public networks. They see them as financial infrastructure. What they demand is not full transparency at all times, but systems that balance regulatory compliance with confidentiality. Canton was designed precisely for this environment. Through DAML, it enables selective disclosure, allowing each participant to access only the information they are entitled to see. This is infrastructure built from the perspective of institutional demand, not ideological supply. More importantly, Canton has expanded alongside real institutional partnerships. Its collaboration with DTCC, which processes roughly $3.7 quadrillion in transactions annually, signals that this is not theory but an attempt at real-world integration.
Kite AI occupies a different position. Its current real-world usage is limited, yet its structural logic is compelling. A future driven by AI agents is widely accepted across both Web2 and Web3. Few disagree with the idea that AI agents will book hotels, place orders, and act autonomously on our behalf. What remains missing is the infrastructure that allows these agents to transact independently. Existing financial systems were designed for human-to-human transactions. Autonomous agents require identity primitives and automated payment rails. Kite AI aims to fill this gap with components such as agent passports for identity and protocol-level automation for payments. The vision is not immediately scalable, but it is aligned with a future that many already anticipate. That alignment gives the project its sense of realism.
There is no denying that the crypto market is in poor shape. But poor conditions do not signal the end. As markets deteriorate, substance becomes easier to identify. This is a time to look beyond short-term price action and focus on what problems are actually being solved.
What is needed now is neither blind optimism nor outright pessimism.
