Written by: Haotian
Everyone is shouting that the bull market is here, but can we know that the methodology for finding market Alpha and Beta in this wave is completely different? Here are a few observations:
1) OnChain + OffChain TradiFi becomes the main narrative:
Stablecoin infrastructure: Stablecoins have become the 'blood' connecting traditional finance and DeFi infrastructure, locking in cross-chain flows of stablecoins, APY yield differences, and new types of innovations;
BTC/ETH micro-strategy 'coin-stock' effect: It has become a trend for listed companies to include crypto assets in their balance sheets, and finding quality targets with 'quasi-reserve asset' potential has become key;
To Wall Street's innovation track rising: DeFi protocols designed specifically for institutions, compliant yield products, and on-chain asset management tools will attract massive funding. The former 'Code is Law' has become the entirely new 'Compliance is King';
2) The pure native narrative of Crypto accelerates the elimination of falsehoods:
The Ethereum ecosystem is ushering in a wave of revival: The $ETH price breakthrough will reignite the innovation narrative of the Ethereum ecosystem, replacing the previous Rollup-Centric strategy with a new ZK-Centric approach becoming the main theme;
High-performance Layer 1 strength competition: It's no longer a TPS race, but rather who can attract real economic activities, with core indicators including: stablecoin TVL ratio, native APY yield, institutional cooperation depth, and so on;
The twilight of altcoins: The fundamental problem of insufficient capital momentum exists in the general altcoin season, while some altcoins may experience 'dead cat bounce' trends. The characteristics of these targets include: chip concentration, community activity, and whether they can leverage new concepts like AI/RWA;
3) MEME coin upgraded from a speculative tool to a market standard:
Capital efficiency: Traditional altcoins have inflated market values and exhausted liquidity, while MEME coins, with their fair launches and high turnover rates, are becoming the new favorite of capital, set to capture a significant share of the dying altcoin market;
Attention economy dominance: KOL influence, community culture building, and hot FOMO models remain core competitive advantages, and liquidity distribution continues to follow the attention principle;
New indicators of public chain strength: The market activity of MEME coins will be an important criterion for measuring the overall strength of public chains.
