I’m increasingly convinced we’re watching two very different markets play out on the same screen.

The first is the slow-moving but relentless tide of “macro crypto,” where BTC has entrenched itself as the neutral reserve asset for everyone from ETFs to public companies.

1) The inflow story is simple: regulated wrappers keep scooping spot supply, corporate treasuries follow Saylor’s script, and every macro wobble, trade talks, rate jitters, inflation whispers, feeds the thesis.

Price action is starting to feel less like a speculative spike and more like an emerging yield curve: higher highs, shallow retracements, broad participation.

2) Layered on top is a hyper-reflexive “attention market.” Here leverage, memes, and social coordination rule.

Last week’s ETH burst to 2.7 k reminded us that $ETH can still reclaim center stage when shorts are crowded and narratives click, but without sustained real-money demand it reverts to a rotational trade that ultimately yields to Bitcoin’s gravity.

The same reflexivity is pushing 2024’s forgotten memecoins, $MOODENG, $PNUT, $WIF, to ridiculous multiples.

What interests me most is the quiet middle ground forming between those extremes. Institutional-grade DeFi rails, tokenized treasuries, automated RWA vaults, on-chain payment networks, are beginning to look like Wall Street instruments with wallet UX.

Tokens such as $BOLD (cross-chain stable backed by Liquity V2) or $SYRUP (Maple’s revenue share) don’t trend on CT, yet they’re attracting disciplined capital that wants real yield without leaving crypto rails.

👇🧵