The Next Bull Market Won’t Be Public
Everyone is waiting for the next bull run to trend on Twitter. That’s already the tell—you’re late. The next cycle isn’t forming in public Discords or noisy token launches. It’s quietly assembling behind closed doors, where access is permissioned, liquidity is curated, and participation is selective by design.
Private chains are the new playground.
Institutions don’t want mempool chaos, governance drama, or anonymous validators. They want predictable execution, compliance-friendly environments, and infrastructure they can control. So instead of fighting for blockspace on public L1s, they’re spinning up private or semi-private chains where rules are enforced off-chain and performance actually matters.
Liquidity is becoming permissioned, not permissionless.
The romantic idea of “anyone can provide liquidity” is great for retail—terrible for funds managing billions. Whitelisted pools, KYC-gated markets, and bilateral liquidity agreements are already replacing open AMMs in high-value flows. Less MEV, less volatility, more certainty. Boring? Yes. Profitable? Extremely.
RWAs are tokenized—but access is closed.
Tokenized treasuries, credit, commodities, and private equity are experiencing explosive growth, but they’re not suited for the timeline. These assets reside behind legal wrappers, jurisdictional filters, and investor accreditation requirements. The chain is public; the door is not.
Here’s the uncomfortable truth:
By the time Twitter notices the bull market, institutions have already harvested the upside. Public narratives are exit liquidity signals, not discovery mechanisms.
The next bull run won’t look like 2021. It won’t be loud. It won’t ask for your attention. And it definitely won’t wait for retail confirmation.
The alpha isn’t missing the top.
It’s realizing the party moved indoors—and you weren’t on the guest list.
