Citrini Research Calls Crypto a Fundamentals Trade on Tokenized Assets, AI Agents

The notable shift here is framing, not forecasting: a research shop treating crypto as a fundamentals story while explicitly declining to assume new highs in the two largest tokens. That decouples the thesis from beta, which matters for allocators who have been sold tokenized assets and AI agents as narratives rather than cash flows. The open question is whether revenue-accruing tokens and equities can carry the theme if bitcoin and ether stay range-bound — and whether other research desks adopt the same distinction.