The bullish trend is clear in the first half of the year, the potential of the BTCFi track is exploding, and $MERL welcomes a key window
In the second half of 2025, the cryptocurrency market continues to maintain a strong upward pattern, and the altcoin season is imminent. Against the backdrop of accelerated capital rotation, BTCFi and Layer 2 expansion have become the main lines of logic that cannot be ignored.
Merlin: The new dark horse under the BTCFi narrative
#Merlin is currently one of the hottest BTCFi concept projects, closely following the two major trends of the Bitcoin ecosystem and chain abstraction, and is already in the spotlight of Binance Alpha’s popular projects, possessing the triple advantages of "chain + narrative + valuation".
Overview of Project Highlights
1. Clear core positioning: Focus on BTCFi and chain abstraction architecture
Merlin is committed to bringing an Ethereum-like DeFi experience to Bitcoin, achieving contract expansion, asset issuance, and interoperability without altering the security of the BTC main chain, aiming to become the liquidity center of the Bitcoin ecosystem.
2. On-chain contracts have been deployed, and there are not many issues with spot trading
Merlin has completed the deployment of smart contracts, and the infrastructure has the capability to land. Contract liquidity construction is prioritized, and spot trading is expected to gradually be completed, laying a dual foundation of technology and market for further gains.
3. Low market capitalization and light structure, with the potential for valuation reconstruction
Currently, the market capitalization of MERL is at a low level, and after a round of deep washout, the circulation structure is optimized. As BTC's market capitalization continues to refresh historical highs and ETH drives mainstream chains to strengthen, funds are expected to gradually flow into small and medium-sized projects with real landing and narrative space.
Short-term technical expectations and strategy reference
Short-term attack target: $0.20 range, the current price is still in the layout stage;
For spot investors, as long as there are no anomalies in liquidity and trading, they can hold in the medium term;
In periods of high volatility, profits can be gradually taken based on the situation, but there is still potential for growth in the medium to long term.
Summary:
Merlin's core competitiveness lies in its dual positioning of "BTCFi + chain abstraction". This not only aligns with the major trend of Bitcoin asset expansion but also meets the market's demand for "new growth points".
The current valuation is still in the early stages, and as the project construction progresses and liquidity increases, Merlin is expected to achieve a valuation reassessment in the upcoming altcoin season.
BTCFi is one of the directions that cannot be missed in this cycle.
