DACM's Rich Galvin suggests that crypto's addressable market is significantly larger than current valuations reflect and that the ongoing market reset may finally be concluding. He argues that prevailing perceptions of the sector's total opportunity are fundamentally incorrect. Galvin identifies the application layer as potentially the most mispriced trade in the current market environment. This perspective highlights a growing focus on utility-driven protocols and software infrastructure as key value drivers in the next phase of crypto adoption.