Not dead, just sleeping. It's a tougher, higher interest-rate market which cuts out a lot of the gambling behavior. I remain invested but my principle has shifted away from the financial and trad-economic terms to this:

Blockchains are valuable where they secure valuable information. Therefore, if a blockchain adds more valuable information, it becomes more valuable.

And that's it. You don't have to introduce markets and trading to make the point, but it positions those elements in a supporting role, and gets at one of the most pressing issues of today: where should our sources of truth online start? Blockchains can't solve the problems of false sensation, reasoning or belief, but they fill in certain technical gaps where we currently rely on handing over custody to someone's database and hoping nothing happens or they're too big to fail. It's just a matter of aligning the applications towards the role of public good, and the air is clear for that right now.