Investment bank Jefferies reports a shift in capital from speculative assets to tokens that drive real-world applications, likening the current cryptocurrency landscape to the early internet era of 1996. In a client Q&A, Jefferies highlights the potential for growth in the sector, advising investors to focus on tokens with lasting utility rather than short-term gains. Jefferies analysts emphasize the importance of blockchain's disruptive potential across industries, urging clients to consider investments in exchange-traded funds (ETFs) and digital asset treasury (DAT) firms. The bank recommends evaluating tokens like early-stage tech startups, prioritizing adoption and use cases over temporary revenue spikes.