Crypto's Absence of Hype-Driven Use Cases Signals Market Maturity, Says WisdomTree Exec

With no frothy trends like ICOs or NFTs dominating the current cycle, WisdomTree’s Jason Guthrie sees a healthier, more sustainable crypto market emerging.

Jason Guthrie, head of product at asset manager WisdomTree, believes the current crypto bull cycle is a positive sign of maturity, precisely because it lacks the kind of hype-driven use cases — like ICOs, NFTs, or DeFi lending — that previously fueled market surges.

“There hasn’t been a really frothy use case that has typically driven these market cycles previously,” Guthrie said at a recent industry event, noting that despite this, both crypto assets and companies continue to grow, innovate, and attract users.

“We’ve continued to see the asset class gathering value… growing revenue, growing client bases… without really hanging their hat on one of these frankly less-than-useful use cases,” he explained.

A Shift from Hype to Fundamentals

In past cycles, explosive trends like the ICO boom in 2017–2018 and the NFT surge in 2020–2022 dominated headlines and drove waves of investment — but ultimately faded. ICO fundraising peaked at $33.4 billion in 2018, dropping to just $370 million a year later. Similarly, NFT trading volume hit $57.2 billion in 2022 before the market sharply cooled.

WisdomTree founder Jonathan Steinberg (left), Jason Guthrie, head of product (middle) and head of digital assets Will Peck (right). Source: Jason Guthrie

By contrast, the current cycle has seen continued growth without a central speculative craze. Guthrie views this as a sign of increasing stability and long-term potential.

“The fact that we’re still healthy without one of those to drive it is a really, really good sign,” he said.

Market Maturity Despite Memecoin Mania

The broader crypto market cap reached a record $3.71 trillion in December, with numerous cryptocurrencies posting major gains. This growth has come even as speculative trends like memecoins gained attention — particularly on Solana — but failed to dominate the cycle as they have in the past.

There was a spike in memecoin trading activity following the launch of a Trump-themed token in January, with one platform seeing $3.3 billion in weekly trading volume. But that momentum fizzled after a series of failed launches and rug pulls, including the collapse of Libra (LIBRA).

In contrast, Guthrie highlighted real-world adoption from companies like GameStop and countries such as Ukraine, which are exploring crypto as part of treasury strategies.

“This is starting to feel like a more mature market that is really settling on its use case, its value prop,” Guthrie noted.

Despite the progress, he acknowledged that it’s still “very early days” for the industry, with plenty of innovation still ahead. Nonetheless, the current cycle's more grounded approach suggests a stronger foundation for the long-term future of digital assets.