There isn't much to look forward to in the current market. At this stage, it's not a time for narratives; it's more about seeing what each major player can do and following the larger entities, such as operating alongside Binance Alpha.

So in this market outlook, I mainly want to share some recent observations and thoughts.

1. The arbitrage opportunities on-chain will gradually diminish with the rise of AI Agents.

The main things to speculate on are still the related tickers of DeFAI. The most important progress we need to pay attention to right now is EIP-7702 brought about by the Ethereum Pectra upgrade. The narrative involved is DeFAI. Simply put, the new API built on EIP-7702 allows users to execute complex on-chain strategies without writing smart contracts, which is beneficial for DeFi Agents.

This could be a potential narrative, but whether it can be speculated upon remains to be seen.
My personal approach is to list all DeFAI from the Ethereum ecosystem (including BSC and Layer 2) on a Watchlist and observe their current price changes.

Another narrative around AI is MCP, but so far nothing particularly impressive has emerged; basically, a 'golden dog' has come out, and the project teams are late to realize this and have started to jump on the bandwagon.

2. Every significant breakthrough in AI does not come from new algorithms, but from unlocking new data sources. Every major advancement in AI is backed by the large-scale use of a brand new training data source (this viewpoint is someone else's, but I strongly agree).

From this perspective, the two future directions are 'sensor data capture for embodied intelligence' and 'large-scale training of video data'. Although the crypto market is not currently speculating on the narrative of embodied intelligence, I believe that narratives related to physical world sensors and data have the potential to explode in the future. This is essentially DePAI (DePin + AI). The narrative of AI + video will have to wait for significant events to occur in Web2.

Narratives are not isolated; they are interconnected. Narratives must be layered (for example, stablecoins + RWA + PayFi).

Another thing is that I previously saw an article discussing the differences between AI Agents, Workflow, and MCP, which was very well written. I will look for an opportunity to share it with everyone.

3. While Bitcoin will not directly challenge the dominance of the US dollar, in the context of globalization fragmentation caused by tariffs, Bitcoin may become an alternative due to increased liquidity, institutional participation, and market efficiency improvements.

From the current environment, it won't be too difficult for MicroStrategy to raise money, and there aren't any major risks in the short term.