Markets appear stuck in sideways trading, but look closer and you'll see the real action happening underneath. While price action stays confined to familiar ranges, the infrastructure supporting crypto markets is shifting rapidly. Capital structure is being reshaped—new incentive mechanisms are emerging, and how value flows through the ecosystem continues to evolve in ways that won't show up on your charts. This disconnect between stagnant prices and dynamic fundamentals is exactly what makes the current cycle interesting. The surface tells one story; the mechanics tell another.