After carefully reading CoinMarketCap (CMC)'s Q2 2025 quarterly report,

The past second quarter (Q2) was a "bull market quarter without Altseason": BTC dominated, funds shifted to a robust structure, and the narrative entered a re-screening period; the true "narrative second round explosion" may occur in Q3/Q4.

There are interesting points:

BASE was the strongest performing L2 this quarter: DAA continuously exceeded Ethereum, with a peak of 3.7M daily active users;

BNB Chain rose against the trend: DAA skyrocketed + Memecoin growth + AI projects emerged;

Altcoin ETF is the biggest expected catalyst for Q3/Q4 (SOL/$XRP /DOGE/SUI);

Hyperliquid monopolizes the DEX perp market, HYPE becomes the core subject of the narrative;

Memecoin hotspots rotation is clear:

SOL chain recedes (DEX drops below $80M/day)

Base/BNB becomes the main venue for Memes.