Ryan Watkins, co-founder of Syncracy Capital and a former Messari analyst, recently shared some thought-provoking views on the current state of the crypto market. In a tweet that quotes his earlier post, he challenges the widespread belief that we're in the late stages of a bull cycle, urging folks to think from first principles instead of dwelling on the 2021 PTSD. Let's break this down and see what it means for meme coin enthusiasts like us.

Watkins starts by quoting his own earlier observation: "Really incredible how many people recognize its late cycle and plan to sell the top this time. Surely everyone will be right." This sarcasm highlights a common sentiment in crypto circles—everyone thinks they've learned from past mistakes and will time the market perfectly. But Watkins argues that's not the case.

He points out that after three years of Bitcoin dominance, institutions are finally dipping their toes beyond BTC. Regulatory green lights have got Wall Street excited about stablecoins and tokenization—basically, turning real-world assets into digital tokens on the blockchain. Now, they're turning to Ethereum with fresh eyes, like newcomers discovering the crypto rabbit hole. He compares their talking points to someone who's just binged on Bankless podcasts, which are popular shows explaining DeFi and crypto basics.

But here's the kicker: Watkins says there's nothing inherently special about ETH right now; it's just the second-biggest asset after Bitcoin. Institutions, or "DATs" (likely meaning directional asset traders or something similar, but in context, probably big money players), are buying indiscriminately. This interest, he predicts, will soon overflow to competing Layer 1 blockchains like Solana (SOL) and Hyperliquid (HYPE), and eventually to the broader crypto ecosystem.

This is huge for the industry. Watkins sees this as activating the "Wall Street sales machine," where institutions will cycle through major assets until they identify the winners. Along the way, long-term buyers with multi-year horizons will scoop up supply, creating a more stable holder base less swayed by volatile retail investors. Ironic, right? The big players stabilizing what was once retail-driven chaos.

In his view, we're early in this institutional cycle. As long as macroeconomic conditions stay friendly—no major shocks—we're in for "higher for longer." Sure, there'll be big corrections, maybe 30-50% dips that test everyone's resolve, but unless leverage skyrockets or valuations go insane, these will just be pullbacks, not the end.

Most assets haven't even had their full "cycle" yet, with only a few nearing or surpassing all-time highs. Some generational projects are hitting that S-curve growth—think exponential adoption we've all been waiting for. There's still a "wall of worry" to climb, meaning skepticism abounds, which is often a bullish sign.

Now, tying this back to meme coins, which is our bread and butter here at Meme Insider. While Watkins doesn't explicitly mention memes, his point about interest spilling over to the "rest of the asset class" is intriguing. Meme tokens thrive on retail hype, but imagine if institutional curiosity extends to high-profile memes on Solana or Ethereum. Solana, in particular, has been a hotbed for meme coin launches due to its speed and low fees. If institutions start exploring SOL ecosystems, that could bring liquidity and legitimacy to memes built there.

Take, for example, the explosive growth we've seen in memes like Dogwifhat or Bonk on Solana. As bigger money flows into L1s like SOL, it could create fertile ground for meme projects to flourish. Hyperliquid, mentioned as HYPE, is a decentralized perpetuals exchange on its own chain, which might attract trading volume that benefits meme traders too.

Of course, not everyone's on board. One reply highlighted BlackRock's $2.8B digital liquidity fund being 93% on Ethereum, suggesting ETH does have something special. They even shared a screenshot of the fund's allocation and a profile of a former BlackRock exec focused on ETH tokenization.

This counterpoint shows the debate is alive—maybe ETH's rollup ecosystem and tokenization potential make it stand out. But Watkins' broader thesis holds: institutional money is just getting started, and it'll explore widely.

Replies also echoed "higher for longer" for Solana and Hyperliquid, reinforcing the optimism. Others questioned when we stop calling these "cycles" and see crypto as maturing.

For meme coin investors, this suggests patience pays off. Don't sell too early thinking the top is here. Focus on projects with real community and utility, even in the fun world of memes. As institutions onboard, the pie gets bigger for everyone.

Check out the full thread on X: Ryan Watkins' tweet.

What do you think? Is this the start of a super cycle, or are we due for a rug pull? Drop your thoughts in the comments below, and stay tuned to Meme Insider for more insights on meme tokens and blockchain trends.