The crypto market structure is taking shape. What we're seeing now—early adopters, institutional players, retail waves—it's the natural progression that any maturing asset class goes through. Each layer builds on the previous one. Early believers establish the foundation. Institutions bring legitimacy and capital. Retail follows. The pyramid isn't a flaw; it's how adoption curves actually work. The real question isn't whether this structure exists, but whether the underlying utility justifies each layer's entry point. When fundamentals align with market structure, that's when things get interesting.