Driven by ETFs and the 'Trump trade,' Bitcoin has risen in two waves. Recently, both ETF funds and large retail whales like MSTR seem to be 'unable to buy anymore.'

The gas fees on Ethereum L1 have been below 1 gwei for several consecutive days, even lower than the notoriously cheap SOL, leading to continuous inflation of ETH, with a daily net increase of over 2000.

As for altcoins, it goes without saying that there are many, with ecological ghost towns, and issues like ongoing unlocks for cashing out and bloodsucking that have not been well resolved, leading to a persistent decline in the bear market.

The meme market, which has been on fire for nearly a year, has recently experienced a cliff-like collapse. Starting with the release of celebrity memes by Trump and his wife, followed by the issuance of coins by the president of the Central African Republic, CZ's Dog Broccoli, and especially the recent issuance of LIBRA by the Argentine president has caused a huge stir in the community. Recently, most meme coins have seen declines of over 90%, and trading volumes for meme coins have shrunk by over 80%. The situation where MEME coins were not fully 'filled' within 30 minutes of deployment on pump.fun may be a historical first, and the trend of speculation on meme coins may be extinguished.

Institutions can no longer buy Bitcoin, retail investors have been cut by meme coins, and altcoins continue to bleed without a wealth effect; this is the current state of the market, leading to stagnation.

So where is the road? How should we view this?

Whether in a bull market or a bear market, there will always be structural opportunities, and the market cannot always speculate on air meme coins. Let's first look at what institutions are laying out from a business scenario perspective.

Grayscale recently released a research report stating that more than 50 large non-crypto companies are building products and services on Ethereum or Ethereum L2, which do not include general market infrastructure-related products and services like cryptocurrency trading, custody, auditing, and compliance. Instead, they relate to crypto-specific infrastructure and use cases, such as NFTs, RWA, Web3 developer tools, and L2.

Among the 20 financial institutions that have established dedicated cryptocurrency infrastructure and applications, 10 are banks, most of which issue RWA on Ethereum. The types of RWA issued on-chain include money market funds (such as Franklin OnChain US Government Money Fund) and government bonds issued by institutions like the European Investment Bank. Ethereum is the preferred blockchain for issuing tokenized assets (RWA).

At least 23 companies are issuing NFTs on Ethereum or Ethereum L2, and the few companies still actively issuing NFTs on Ethereum in 2025 are doing so in the context of game development, and almost entirely on Ethereum L2 rather than on Ethereum.

Data from Galaxy Research shows that by 2025, the total supply of stablecoins will double, exceeding $400 billion (currently $225 billion).

From the above report, it is evident that institutions prefer to achieve product implementation and build a commercial ecosystem from a technical level. Large financial institutions are particularly fond of RWA; after all, Wall Street capital in the U.S. has a demand to put trillions of dollars of assets on-chain. Furthermore, the U.S. government also supports the development of stablecoins, as the underlying assets of hundreds of billions of dollars in stablecoins are U.S. Treasury bonds, which can strengthen the demand for the dollar and the dollar's hegemony.

Of course, the timing of the technical-level business scenarios being implemented is uncertain; institutions can afford to wait, but we cannot. So in the current market, the best approach on the operational level is to patiently wait to enter after the market declines, especially to buy the dip after explosive leverage events occur, and decisively exit when achieving around 30% profit, then wait for the next opportunity, doing nothing in the meantime.

This way, at least one can obtain market β returns with a certain safety margin. When α returns appear, it often indicates the emergence of a new large ecosystem, at which point active participation can occur.

$BTC $ETH $SOL #美国加征关税 #市场回调，观望还是上车？

I need fans, and you need references. Guessing blindly is not as good as following.