From "Gold Rush" to "Water Selling": The New Cyclical Logic of the Crypto Market In the volatility of the crypto market, those who seek alpha are the gold rushers, while those who master the beta that navigates the cycles are always the "water sellers" who provide certainty. As the industry enters a more institutionalized phase, the barrier to entry for "water selling" has shifted from exchanges to "compliant infrastructure + native staking rewards."