Current macro structure of the market: In recent years, after the Federal Reserve raised interest rates and reduced its balance sheet, monetary policy has remained tight. However, the U.S. Treasury has issued bonds against the trend, leading to historic highs in both U.S. M2 and money market fund sizes. This operation has distorted the market, causing severe differentiation. Institutions have gained liquidity, pushing up top assets such as gold, leading U.S. stocks, and Bitcoin; however, small businesses and ordinary people have been deprived of liquidity, resulting in declines for small-cap stocks and altcoins. Additionally, it has led to a surge in U.S. Treasury debt, making the debt crisis urgent, and has kept expectations of an economic recession on the rise.

The U.S. government's operations are essentially 'putting out fires' everywhere. For instance, in 2023, when Silicon Valley Bank collapsed, it was on the verge of triggering a banking crisis, and the Federal Reserve stepped in to provide assistance, averting the crisis. For example, when a large amount of U.S. debt is maturing, they offer high interest rates to institutions to take over, or threaten them with the purchase of long-term zero-interest bonds; and another example is the tariff war, where as soon as it seems that U.S. stocks and bonds are about to collapse, Trump's tone immediately becomes 'gentle'.

Every time a 'fire' breaks out, when everyone thinks the sky is about to fall, they always manage to 'save it' at a critical moment. Over time, the market becomes accustomed to this; after every major drop, funds buy the dip, believing that it will bounce back anyway.

However, if the wolf comes too many times, there is no guarantee that one time the wolf will not actually come. Given the current political ecology and financial operations in the U.S., if the wolf comes, it is likely to be able to hold on for a while, continually putting out fires until the moment it can no longer be saved. Therefore, it is highly probable that there will be a black swan event, with the triggering condition being an economic recession.

So, when it really comes time for the Federal Reserve to cut interest rates, it may not necessarily be a good thing; it could be a recession-driven rate cut, forced upon them. (Needs to be closely monitored!)

Let's talk about the current landscape of the crypto market. In summary, it can be said in one sentence: Altcoins are becoming like A-shares, Bitcoin is becoming like gold, SOL is becoming like a casino, and ETH is becoming technological (the RWA ecosystem is still in its early stages).

Altcoins are issued at high prices, with unlocking periods cutting down investors. In the coming years, most altcoins will continue to decline, relying on speculative concepts will no longer work; the only way out is productization. For example, hype has turned into a leading DEX contract, increasing several times against the trend; virtual has turned into an AI Agent, increasing hundreds of times.

Bitcoin is suitable for large institutions to hold, fluctuating with the macro financial environment.

SOL, this casino, is likely to remain 'evergreen'. Regardless of the market environment, gamblers are always present, especially when market uncertainty is high, retail investors tend to gamble more. PVP is not suitable for most people; it's better to focus on tools within the SOL ecosystem: #ray is the largest DEX, tokens issued need to be pooled and traded through it (although it is challenging ray's position after entering the DEX); #jup is an aggregator, with most trades obtaining the best quotes and trading paths through it, which is also a fundamental need; #jto is a re-staking protocol.

Ethereum is currently starting to be positioned by institutions, with ETF funds significantly buying in the past month, and there are also U.S. listed companies using it to create an 'Ethereum version of MicroStrategy'. Large institutions like BlackRock, JPMorgan, and Goldman Sachs are rapidly positioning in RWA (asset tokenization), and even U.S. Treasury Secretary Janet Yellen believes that the market size of stablecoins will reach $2 trillion in the next few years, while the current size of stablecoins is about $250 billion. If this trend forms, then major trading platforms like #uni and major lending platforms like #aave will directly benefit, and BlackRock's U.S. Treasury products issued on the Ondo protocol have already been running for over a year. RWA is a long, imaginative track, and if it can materialize, it may lead to a second resurgence of Ethereum.

Based on the above characteristics of differentiation, choose an investment method that suits you, which is considered the best. (The article also mentions some related tokens for reference, DYOR)