Jordi Visser: Crypto Believers Capitulating as TradFi Billions Circle Tokenization

Visser's framing matters because it shifts the tokenization narrative away from crypto-native conviction and toward traditional-finance curiosity — a handoff that would change who drives adoption and how projects are valued. His emphasis on AI agents and tokenized private credit over liquidity implies the next phase is about specific use cases, not broad market beta. The tension is that his bullish read rests on technical signals like the 200-day hold and seller exhaustion, which are fragile evidence for a structural thesis. Whether institutional tokenization interest converts into actual flows is the open question.