The crypto market's heavy bet on policy tailwinds may finally be cooling down. According to Animoca Brands co-founder Yat Siu, the industry went all-in on what many called the "Trump effect" heading into 2025 -- only to find that riding headlines isn't a sustainable playbook anymore.

His take? The market got drunk on political optimism. Tariffs, macro shifts, policy chatter -- these headline cycles grabbed attention, sure. But they don't move the needle like everyone thought. The era of chasing every tweet and regulatory announcement as a trading signal is fading fast.

What does this mean? Investors will need to look deeper -- actual adoption metrics, protocol fundamentals, real utility. The days of passive momentum riding policy narrative are thinning out. The market's learning that crypto's real story isn't written in Washington. It's built in code, tested by users, and proven by time.