Alts Higher Ethereum has become an app-layer economy with L2 scaling (Base, Arbitrum, Sei), driving adoption and fees. Institutions are degenerates like us. They're starting to realize they can literally print money by accumulating lower market cap tokens. Eventually, we'll see them launch their own coins, but before that, we'll see them accumulate tokens from smaller established chains knowing they can single-handedly pad their balance sheet by accumulating tokens. Alts will start getting the Saylor treatment. Institutions have herd mentality like us. Leaders don't want to make rash decisions that get them fired, so they'll look to follow the herd so they have an excuse if it blows up in their face. @circle is a leader in the normie-facing part of the crypto industry. Institutions will look to their balance sheet for what's reputable. Institutions like a legitimate narrative. Projects like Sei Network, $SUI, and Polygon are integrating with governments and real-world financial institutions. Sei is the top-performing alt for a reason. Attention to most emerging chains is driven by meme coin and NFT volume. There's a real possibility this run isn't driven by that at all. The golden bull may be the bull that's driven by... legitimacy 👇🧵