Crypto investor Arthur Cheong suggests that the era of deep drawdowns and extended bear markets for digital assets may be coming to an end. As the CEO of DeFiance Capital, Cheong believes that the crypto market is maturing and may start to behave more like the stock market. He compares this potential shift to the growth experienced by the S&P 500 after the 2008 financial crisis, where the market became less volatile and more focused on big-cap and mega-cap stocks. Cheong predicts that if this trend continues, most altcoins will not experience significant rallies like in previous cycles, but a few winners will deliver substantial returns. He emphasizes that altcoins will need to find their own paths to success. Cheong also points out that market conditions are expected to improve for crypto and believes that Bitcoin and Ethereum are undervalued, citing their regulatory clarity and appeal to traditional finance demand. The recent conclusion of the SEC’s investigation into Ethereum 2.0 by Consensys further supports Cheong’s view. However, he acknowledges that the market is path-dependent and that factors like mass adoption can greatly impact the value of specific cryptocurrencies. Overall, Cheong is optimistic about the future of crypto and its potential for growth.