Santiago R Santos, founder of Inversion, explains why major crypto developments have not translated into market gains. Despite advancements such as ETF listings, increased stablecoin adoption, and regulatory support, crypto prices remain stagnant. Santos attributes this to overvaluation, speculative income, and a lack of sustainable economic models. He argues that many blockchain projects are valued based on potential rather than actual usage, leading to inflated prices. Additionally, the market is currently favoring AI over crypto, with companies like NVIDIA benefiting from stable, contract-backed income, contrasting with crypto's volatile, speculative nature.