#美SEC促进加密资产创新监管框架 The structure of the crypto market this year is basically set, and looking at the data really makes me reflect.

$BTC The total market cap has directly reached $2 trillion—what does this mean? It's equivalent to the entire annual GDP of many countries. Its king status is no exaggeration. $ETH has maintained $391 billion, continuing to play the role of "utilities" for the whole industry; virtually all innovative projects can't avoid it.

The stablecoin sector is quite interesting: Tether has held up to $184 billion, and USDC has reached a size of $76 billion. More and more people have realized that in the crypto world, "stability" is the real skill.

The biggest dark horse this year is definitely XRP, with its market cap soaring to $140 billion. This move has truly surprised a lot of people. $BNB has held onto $128 billion, and Solana has captured $80 billion, completely securing their place in the top tier.

Looking further down, Dogecoin is still holding at $25 billion, and Chainlink has just cracked the $10 billion mark. Old players like BCH and Stellar aren’t as glamorous as before, but even after drops, there are still people bottom-fishing—showing strong resilience.

Even more surprising are the new faces that have emerged—projects like Ultra, Hyperliquid, and Ethena USD have directly surged to a scale of several billion dollars, clearly indicating that capital is seeking new narratives.

The current trend is clear: top projects are absorbing the majority of funds, and as long as new projects have a sexy enough narrative, they can attract capital. Meme coins aren’t dead either (Pepe is still at $2 billion), and stablecoins have evolved from mere tools to standard portfolio allocations.

At the end of the day, holding $BTC long-term as a base, allocating some $ETH to capture ecosystem dividends, and then taking a small position to bet on one or two new narrative projects—this combo at least lets you sleep well at night.