In different phrases, regardless of indicators of a thaw, crypto winter is probably not over. There’s hope that the months-long deep freeze drove out the riff-raff, whereas the brightest minds continued to construct. And whereas a “killer app” hasn’t been discovered, it’s clear sufficient the trade has a dedicated consumer base. However together with the institutional capital, supposedly ready on the sidelines to be deployed after a BTC ETF goes stay, are probably one other wave of speculators and scammers.