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Crypto investors increasingly chase narratives over fundamentals

The article cites a MarketWise study that found a sealed Pokémon card box outperformed Bitcoin in a $10,000 hypothetical portfolio test from 2021 to 2026.

Reported · Written up by our desk · Market Structure

Crypto’s “fundamentals have never been stronger,” but investors in the digital asset space still appear to prioritize attention-grabbing narratives over underlying value, according to an analysis in Cointelegraph.

The piece quotes behavioral finance researchers and market practitioners to argue that young markets often see price discovery driven by attention before analysis, and it says this pattern has played out across crypto cycles that focus on the next big theme rather than fundamentals.

Cointelegraph points to a MarketWise study comparing hypothetical $10,000 investments across cryptocurrencies, stocks, exchange-traded funds, and collectibles from January 2021 through April 2026. The study found that a sealed Pokémon card box outperformed Bitcoin, while limited-edition sneakers nearly matched Dogecoin’s returns.

The article also draws a parallel to traditional finance, saying investors may behave like they are buying “lottery tickets” for life-changing outcomes rather than strictly maximizing returns while minimizing risk. It adds that it even saw some AI-focused funds lagging the broader stock market despite continued AI hype.

Latest closeBitcoin $63,911.74 ▲0.1%|Dogecoin $0.070 ▼1.1%

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