Thinking outloud here:

The market telegraphed every large meta trade this year, first were the crypto infra companies IPOs, then came the large yield farms ICO and the DATs. Point being the largest capital return trades, non edge based, all gave you plenty of time to commit and to allocate in the runner up in case you missed the first one.

I now see the likely last inning of this larger meta. Crypto token companies IPOs. I’ve personally always found it hard to distinguish between equity and tokens in crypto on the venture side.

Ripple and Binance have both equity and tokens and are also both set to IPO next year. Galaxy just closed on a Ripple SPV and the amount of recent Binance equity acquisition indicate q1 IPOs which coincides with what I heard internally. This is the next large trade. I anticipate coin to rally much sharper than equity going into the announcement of token conversion mechanisms.

Note that Tether is also set to IPO next year