Crypto's underperformance relative to traditional markets over certain periods often comes down to a few concrete factors: higher volatility, regulatory uncertainty, macro interest rate cycles hitting risk assets harder, and the broader market's lingering skepticism after several bear cycles. When the Fed tightens or recession fears spike, money flows out of speculative assets first—and crypto sits at the top of that list.

What could shift the narrative? A few scenarios stand out. First, institutional adoption hitting critical mass would anchor valuations and reduce dramatic swings. Second, regulatory clarity—especially around staking, DeFi protocols, and exchange operations—removes a layer of execution risk. Third, macroeconomic shifts matter: if we enter a persistently low-rate environment or see inflation resurface, crypto becomes a more natural portfolio hedge alongside commodities and gold.

Then there's the tech side. Major blockchain upgrades improving speed and efficiency, or breakthrough applications in DeFi and tokenized finance actually gaining real-world traction, could justify higher multiples on their own. But honestly? Most of the unlock hinges on patience during down cycles and proven use cases beyond speculation. The market's waiting to see if Web3 infrastructure matures into something institutions can't ignore.