The recent changes in the crypto market are quite obvious—money is starting to get smarter. Galaxy Digital CEO Mike Novogratz's recent comments have attracted a lot of attention; he pointed out that investors are changing their tune, no longer just following the hype, but beginning to ask a very simple question: what can this thing actually do?

This may not be good news for veteran public chains like XRP and Cardano. These projects once attracted a large following with strong communities and technical commitments, but now the question is on the table—besides their technical roadmaps, what real commercial applications do they have? What are users actually doing? Where is the money flowing?

If clear answers can't be found, funds and attention are quietly shifting toward projects that can tell a true story. By a true story, it means: someone is actually using this public chain, creating real interactions and generating revenue.

What does this mean? The old valuation logic, supported by stories and imagination, is beginning to loosen. In the next phase, the winners won't be the projects that tell the best stories, but those with real cash flow, active users, and usable products. In other words, it's time to replace faith with data for investment decisions.