Cryptocurrency bull cycles over the past five years have mostly revolved around token speculation and, more recently, institutional adoption. But the next cycle will be dominated by real-world applications, according to Clem Chambers – founder of ADVFN, Europe’s leading stocks and markets website.
He speaks in BeInCrypto Market Intelligence CouncilChambers argued that the industry is moving beyond the trading-driven cycle.
“That era is probably over, and certainly coming to an end. And then that will be replaced by use cases,” he said, pointing to a structural change in how value is created in cryptocurrencies.
Commerce is crowded, facilities are not
His comments come as The current cycle shows a clear difference Between price action and fundamental activity. Bitcoin and Ethereum continue to attract institutional flows, especially in a post-ETF environment.
However, capital is concentrated at the top, while mid-tier tokens struggle to attract attention or liquidity.
At the same time, a different layer of the market is gaining momentum. symbolic real world origins, Payment paths based on stablecoins,Blockchain infrastructure associated with artificial intelligence and data is experiencing steady growth.
These sectors generate usage, fees, and in some cases real revenues – something most speculative tokens have failed to achieve in previous cycles.
Forget codes, think products
Chambers articulated this shift frankly.
“Forget Fi and look for apps, not Fi, apps, token apps and blockchains,” he said.
Previous courses have focused on financial primitives – DeFi protocols, yield farming, and token trading. The emerging trend focuses on applications that users interact with directly, often without focusing on the underlying code.
This is in line with broader market signals in 2026. Token funds from companies e.g Black Rock The increasing use of stablecoins in payments shows how blockchain can be integrated into existing financial systems.
Meanwhile, infrastructure sectors such as decentralized physical networks and… Protocols associated with artificial intelligence Attracts developer activity and project financing.
However, this transformation is uneven. Speculative trading still drives short-term price movementsRetail participation remains largely based on momentum.
Many application layer projects also struggle to retain users and monetize.
However, the trend is becoming clearer. If previous cycles were driven by narratives around tokens, the next phase may depend on whether blockchain-based applications can deliver consistent benefit.
Chambers’ argument reflects a broader reality: that the market is starting to reward usage rather than noise.
Whether this shift fully defines the next cycle will depend on how quickly these applications expand beyond the original crypto users.
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