✨ Among the top 400 projects in the current crypto market, the most significant increase is in the sectors and hotspots led by institutions, the real market hotspots are not in the retail speculation of Memes, but in institution-led 'compliant yield products'.

The explosive potential of RWA (tokenization of real assets) needs to be reinforced with BlackRock's $5 billion investment in ONDO and other cases. At the same time, warning should be issued about Layer 2 airdrop speculation risks. VCs are bad.

Market driving forces

  1. Bitcoin (BTC): Market cap exceeds $2.1 trillion, accounting for 63% of the global crypto total market cap, with a spot ETF approval rate of 87%, included in the U.S. 'cryptocurrency strategic reserve' accounting for 45%. Its scarcity (21 million cap) and institutional adoption rate of over 65% solidify its position as 'digital gold'.

  2. Ethereum (ETH): Market cap $301.9 billion, smart contract market share exceeds 60%, total locked value (TVL) of Layer 2 exceeds $1 trillion, DeFi ecosystem dominance is unshakable.

Stablecoins: A new pillar of the crypto market

  • USDT: Market cap $157.6 billion, accounting for over 50% of the stablecoin market, with a cross-border payment penetration rate of over 40% in Southeast Asia.

  • Regulatory breakthrough: The U.S. (stablecoin bill) (GENIUS bill) establishes a compliant framework, promoting traditional financial institutions to issue their own stablecoins.

Three major market hotspots: institutions, compliance, high yield:

1. Institutional-level compliant yield products (RWA dominated)

  • Explosive logic: The Federal Reserve cuts interest rates to 3.25%, traditional U.S. bond yields fall to 2.1%, while tokenized U.S. bonds (like ONDO) yield 5-7%;

  • Significant events:

    • BlackRock launches tokenized fund BUIDL, raising $1.5 billion in 7 days;

    • Fidelity launches RWA trading direct line, institutional client threshold lowered to $1 million.

✅ 2. AI computing power tokenization (AI + RWA integration)

  • Core projects: RNDR (annual increase +320%), AKT (annual increase +280%);

  • Driving force:

    • NVIDIA DGX H100 GPU computing power tokenization, leasing costs reduced by 60%;

    • Microsoft Azure integrates Render Network, corporate AI training demand surges.

“False hotspots” warning: Layer 2 airdrop expectations (severely bubbled)

  • Representative projects: zkSync (ZK), Starknet (STRK);

  • Superficial prosperity: Interactive addresses exceed 6 million, but real TVL growth is only 15%;

  • Risk data:

    • Airdrop hunters account for over 70%, average holding period <3 days;

    • 90% of on-chain gas consumption comes from wash trading bots.


Conclusion: Capital flow reveals market truths

  1. King of growth: RWA sector (ONDO, PRO) benefits from traditional institutions entering, annualized returns crushing traditional finance;

  2. Real hotspots:

    • Compliant yield products (U.S. bonds/real estate tokenization) → Institutional demand;

    • AI computing power assetization (RNDR, AKT) → Technological revolution dividends;

  3. Hedging options: Compliant stablecoins (USDM, CNHC) become new channels for fiat entry and exit;

  4. High-risk areas: Layer 2 airdrop speculation, high-leverage Meme coins (PEPE, WIF).

Iron law of capital flow:

  • Institutional funds ($31 billion) → RWA + compliant stablecoins;

  • Retail hot money ($9 billion) → Airdrop expectations + Meme contracts → High volatility traps.

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