From a macro perspective, cryptocurrency has entered another round of extremely strong fundamentals. The narrative comes from the demand for compliant stablecoins from sovereign nations, the demand for RWA from traditional funds, and the policy uncertainty brought by Trump, which has considerably accelerated the depreciation of the dollar's credit, leading to a systemic re-evaluation of the dollar's credit.
These fundamentals create opportunities for a new crypto bull market: dollar -> stablecoin -> DeFi -> payments -> RWA -> basic financial infrastructure of sovereign nations. In fact, whether interest rates are cut or not is not crucial; the dollar index has already weakened, and the Federal Reserve's monetary policy is no longer the decisive variable for the strength of the dollar. 2021 was a liquidity bull market, while 2025 will be a monetary structure bull market.
Currently, the fundamentals are very similar to those before the last bull market exploded, and I even personally believe that Trump's instability and the upcoming macro narrative are more solid than during the last bull market.