Market sentiment is hot, but the logic for finding Alpha and Beta in this bull market is already different from the past. Here are three major observation directions:
① The integration of OnChain + OffChain becomes the grand narrative
Stablecoins become the lifeblood of finance: Stablecoins are becoming the core channel connecting TradFi and DeFi, with cross-chain liquidity, APY spreads, and new application scenarios worthy of close tracking.
'Coin-stock' effects emerge: More and more listed companies are incorporating BTC/ETH into their balance sheets, and finding targets with 'quasi-reserve asset' potential will be key opportunities.
The rise of institutional DeFi: DeFi protocols tailored for institutions, compliant yield products, and on-chain asset management tools will attract significant funds, as 'Code is Law' is being replaced by 'Compliance is King.'
② The reshuffling of native crypto narratives accelerates
Ethereum Ecosystem Revival: The breakthrough in ETH price will drive a new wave of technological innovation, with the Rollup narrative giving way to the ZK narrative.
High-performance Layer1 new competition: It's not about TPS, but about who can attract real economic activity, focusing on metrics like stablecoin TVL share, native APY yield, and depth of institutional cooperation.
The elimination wave of altcoins: The widespread 'big altcoin season' is unlikely to reappear; only a few projects that overlap with AI/RWA concepts, have concentrated chips, and active communities have the opportunity for a 'dead cat bounce.'
③ The status of MEME coins fully upgrades
More efficient capital: Compared to traditional altcoins suffering from liquidity exhaustion and overvaluation, MEME coins have become the new favorites with fair launches and high turnover rates.
Attention economy dominates: KOL influence, community culture, and hot FOMO remain core competitive advantages.
New strength indicators for public chains: The trading activity of MEME coins will become an important criterion for evaluating public chain ecosystems.
📌 Summary: The logic for making money in this bull market no longer relies solely on speculation, but unfolds around institutionalization, compliance, narrative innovation, and attention flow. Capturing these threads presents the opportunity for the largest dividends.
