✅ 1. Sovereign asset-like 'currency' with strong attributes
1. Bitcoin (BTC)
Core logic: Digital gold + anti-censorship attributes
Capital recognition: Has the largest network effect and the deepest liquidity pool
Cyclical positioning: The tightening cycle is the value litmus test for 'digital gold'
Supplementary logic: Institutional allocation demand has not disappeared, especially in a context of geopolitical and inflation expectations
2. Gold (physical/ETF)
Applicable to traditional market funds, hedging against currency depreciation and credit system risks
✅ 2. 'Real productive assets' supported by cash flow
3. Bitcoin mining machines or mining rights
Computational power is power: In a tightening cycle, holding 'block creation rights' is a moat to survive deflation
Points to note: Control electricity prices and regulatory risks, prefer compliant regions for computational power
4. Real World Assets (RWA) custody tokens
e.g.: On-chain government bonds, on-chain metal warehouse receipts, tokenized credit bonds, etc.
Clear trend: Funds migrating from pure crypto assets to on-chain assets with collateral and valuation basis
✅ 3. Infrastructure tokens with monopoly moats
5. Ethereum (ETH) and its staking subsystems (e.g., LDO, RPL)
Staking income + L2 ecosystem premium
Stable operation + public chain tax model, similar to 'national taxation' on-chain
Carefully select L2: Prefer high-quality Rollup tracks with clear revenue and stable TVL
✅ 4. 'Undervalued' varieties that are anti-fragile in a tightening environment
6. Stablecoin income-related projects (e.g., Curve, Maker)
Stable market share of stablecoins → Stable protocol revenue → Can traverse cycles
Maker introduces real-world government bond assets for support, enhancing the protocol's anti-fragility through debt collateral capabilities
✅ 5. Low volatility/negatively correlated alternative strategy assets
7. On-chain market-making income (LP) + hedging strategies
Hedge against volatility, earn trading fees with LP, maintain positive returns in low volatility markets
Combination strategies such as: ETH/BTC LP + Delta hedging can reduce volatility impacts
🧠 Summary: Assets that traverse the tightening cycle possess three major characteristics
Value anchoring: Anti-volatility, with inherent valuation models
Deep liquidity: High market value, active trading, easy entry and exit
Cash flow support: Clear income distribution mechanism (e.g., staking, market-making, real-world bond coupons) #波段交易策略 #AAVE #XRP #SOL #BCH $BTC $XRP $SOL
