The method for acquiring Alpha/Beta in the new round of bull market has been completely transformed, with the core focus on compliance and the integration of on-chain and off-chain. Key points:

① Stablecoin infrastructure has become the 'blood' of TradFi and DeFi; listed companies are including BTC/ETH on their balance sheets, leading to the rise of the 'coin-stock' effect; compliant DeFi protocols aimed at institutions and on-chain asset management will attract substantial investments.

② Purely native narratives accelerate the survival of the fittest: ETH price breakthrough may trigger a new wave of technology centered around ZK; high-performance L1 will compete based on real economic activities rather than TPS; the generally weak momentum of altcoin seasons means that only a few tokens concentrated enough to incorporate AI/RWA concepts may experience a 'dead cat bounce'.

③ MEME coins have upgraded from speculative tools to market standards: their fair launches and high turnover rates improve capital efficiency, while the attention economy determines liquidity; a vibrant MEME market on public chains will become a new indicator of overall strength.