A further reason why I think we're about to see a shift to utility is general trader confidence.

Following tough periods in the market, trader confidence is reduced as there is no clear trend.

When confidence is lower, it's easier to build conviction when there are metrics to fall back on, or at least some perceived substance behind the play.

This is also partly why we had runners like Rlb and Unibot during the depths of the bear market, and why we see the opposite during high confidence periods where more speculative plays like memes and Ai run.