Arthur Hayes just dropped some serious truth on the What Bitcoin Did podcast, and it explains a lot about why so many tokens keep bleeding value. The BitMEX co-founder pointed out a core problem: most crypto projects generate real economic value at the protocol level, but they never share it with token holders. Instead, they keep the revenue for themselves. Hayes argues that early-stage VCs are almost forced to dump tokens on the market. Their fiduciary duty is to maximize returns, so they sell into liquidity whenever they can. That constant selling pressure is a major reason why prices keep trending down. But here's the hopeful part. He used Hyperliquid as a real-world example, highlighting its revenue buyback mechanism. The market is maturing fast. Investors today are way smarter than they used to be. They are no longer buying based on a pretty whitepaper or a flashy VC list. The focus has completely shifted to real cash flow and what actually flows back to token holders. The narrative is changing. Real yield over hype. Value accrual over speculation.