Murad Mahmudov, former co-founder of Adaptive Capital, stated that retail investors are primarily drawn to the crypto market by real-world wealth demonstration effects rather than a deep understanding of technology. In an interview on November 20, 2025, Mahmudov explained that previous market cycles saw significant market-cap expansions in a limited number of tokens, creating success stories that attracted retail interest. Currently, the market is experiencing a dispersion of capital across a growing number of tokens, making it challenging to produce landmark assets with lasting influence. Mahmudov emphasized that to attract retail participation and achieve sustainable returns, the market needs assets that can concentrate consensus and sentiment on a large scale.