Hello, this is Blockchain Thinking.
Recently, the cryptocurrency market has been so quiet that it makes people anxious. Bitcoin's price has steadily hovered around $80,000.
Investors are also not spirited; the chat rooms in exchanges are eerily quiet, and everyone is wondering if the bull market will come. However, on April 17, 2025, Trump suddenly spoke out on social media, demanding the resignation of Federal Reserve Chairman Powell, because Trump wants to raise tariffs, which could trigger an economic recession. To get the interest rate cuts, Trump has gone mad, deliberately wanting to catch the economic recession, using his own illness as leverage to force Powell to cut rates, but Powell maintains the independence of the law and ignores that big fool Trump.
Although interest rate cuts are what participants in the crypto space have longed for, Trump is really too foolish. This time, I stand with Powell and also support his resignation. Why do I say that?
1. The Federal Reserve's Constitutional Crisis and Bitcoin's Safe-Haven Awakening
Why do I say that? This event has made some investors worry about economic chaos, turning to Bitcoin for a safe haven. In the short term, if Powell really resigns, then interest rate cuts are near, which would be good for Bitcoin.
In the long run, Trump holds a positive attitude towards Bitcoin; he hopes the government will hoard Bitcoin, support U.S. mining, and even plans to form a cryptocurrency advisory group. If these plans are realized, Bitcoin could become more valuable. But after all, he is a fool, and these things will probably end up in a complete mess; yet, a complete mess might actually be beneficial for Bitcoin! Because the stable and peaceful situation after World War II will ultimately be disrupted, and gold and Bitcoin will have eternal bull markets!
However, this bull market will be quite perplexing. Crypto analyst Tim Delhaes pointed out on Grindery that the tense relationship between Trump and Powell might drive investors towards safe-haven assets like Bitcoin. There are also other factors like tariff negotiations, the debt crisis, and constitutional crises that will keep the entire market in turmoil, but ultimately the overall trend is upward for a major bull market! I increasingly see Bitcoin reaching $150,000 to $250,000 by the end of the year!
In fact, this constitutional game has also brought about a revaluation of Bitcoin as a 'non-sovereign asset.' Within 48 hours after Trump's attack on April 17, large transfers on the Bitcoin chain surged, with the number of addresses holding over 1 BTC exceeding 1.08 million, setting a new historical high, while ETFs also saw the largest inflow in the past week.
At the same time, macroeconomist Dalio's 'debt crisis model' has also come into play. The U.S. federal debt has exceeded $36 trillion, with annual interest expenditures accounting for 4.3% of GDP. When political games threaten the credit of the dollar, Bitcoin's total supply limit of 21 million makes it a safe haven for institutional funds.
In short, a Bitcoin bull market is not far away! So what about altcoins? What about 2B?
2. Ethereum's 'Liquidity Trap' and Public Chain Ecosystem Reconstruction
In the past, 2B was the leader of the altcoins, driving a slew of imitators to take off. However, after two years of education, we all know that Ethereum may be very difficult to save in the short term, and is now lying in ICU.
From the data, although Ethereum's total locked value (TVL) is still $46.385 billion, which is much higher than Solana's $7.166 billion, in terms of trading volume, Solana's daily trading volume reached $227 million, far surpassing Ethereum's $153 million. Although the hype around MEME is not as explosive as last year, after V God criticized PVP and hinted at some major action regarding SOL, Ethereum's innovation and coin price remain quiet. V God went directly to Hong Kong and said he doesn't care about coin prices and has given up!
On April 17, 2025, EigenLayer launched a new feature that could punish bad actors in the network, but this is like patching a small hole in a leaky boat, unable to stop the trend of investors turning to Solana.
Let me mention a frightening statistic: the transfer fees for ERC20 have already dropped below that of BRC20. What does this mean? Were we not supposed to cheer for low consumption? The expansion has lowered the prices, but the Ethereum chain has become a ghost chain!
But if you ask me whether to immediately sell Ethereum, you can refer to Sun's idea; if you're going to sell, wait until it rises a bit to switch positions!
In contrast, in the Solana ecosystem, the trading volume of MEME coins surged from 17% in 2024 to 63% in 2025, while the market cap of stablecoins on the chain simultaneously grew by 220%. This unique ecological model of 'entertainment applications feeding back into infrastructure' is similar to the rise of Amazon during the 2000 internet bubble, where seemingly speculative e-commerce transactions supported the iteration of AWS infrastructure.
3. The Coronation of the New King and the Value Capture Revolution
Now, Solana has become the leader among altcoins, while Ethereum has truly been abandoned. After experiencing sluggishness and large sell-offs in February, it now seems to have a momentum for resurgence. The recent coin prices are a clear proof of this. The SOL/BTC exchange rate is rebounding.
I estimate this momentum will continue until the end of the year. If Bitcoin's price reaches $200,000, then the price of SOL should be at least $320, while SOL's growth rate will inevitably surpass Bitcoin's, as the coin price is low, the scale is small, and it's easier to pump.
In the past week, meme coins on the Solana chain have begun to 'rise from the ashes,' becoming the hottest topic in the crypto space! Coins like Maneki, Ava AI, and titcoin have skyrocketed in price. Maneki, in particular, has surged ahead, with a 232.3% increase in price and trading volume soaring to $32.13 million within a week.
Ava AI and titcoin are also not to be outdone, rising by 62.4% and 61.4%, respectively.
If you open the X platform, and if crypto still has some heat, you will find that people are just discussing Solana memes. This reflects the boredom in the current crypto market slump and also suggests that after Bitcoin's explosion, the likely follower will be Solana.
These innovations are reshaping the valuation logic of the crypto market. As Bitcoin's market capitalization maintains a fluctuation between 53% and 58%, the total market capitalization of Solana's ecosystem tokens rose from $92 billion to $176 billion in just four months in 2024. Although the market cap has since dropped back to $70 billion, from an ecological perspective, it has already completed a comprehensive surpassing of Ethereum; the only thing it hasn’t surpassed is the market cap itself. But if Ethereum doesn't change much, I think it won't take long, and even based on the current market cap of Ethereum, the price of SOL should triple to $400.