#密码资产动态追踪 The logic of the market is actually very clear, but everyone is easily blinded by short-term fluctuations. Looking at the recent three waves of market movements, it’s obvious—they are not coincidences but rather a reflection of different levels of capital entering the market simultaneously.

1. Dual Drivers: Sentiment and Liquidity

The explosion of tokens like $PEPE is on the surface driven by retail sentiment, but fundamentally it’s about improved liquidity expectations. During the phase when high-risk appetite funds are testing the waters, sentiment acts as the most direct indicator. The thicker the consensus builds, the stronger the upward momentum. This is not gambling; it’s the market genuinely reflecting confidence restoration.

2. Traditional Asset On-Chain Migration Has Become a Fact

JPMorgan has moved government bonds and funds onto the chain, and Fidelity and BlackRock’s spot ETF applications are following suit. What is this if not an “experiment”? It’s leading global financial institutions using concrete actions to declare: on-chain is no longer a niche track but the future core asset hub worldwide. PwC is deeply involved in building the crypto audit system, effectively issuing a “compliance pass” for traditional funds. Trillions of dollars in capital migration are just beginning.

3. The Key Significance of Spot ETFs

ETFs are not just tools; they are channels. They incorporate crypto assets into the traditional investment system, allowing institutions and retail investors to participate in familiar ways. Once this gate opens, the flood of capital behind it will be hard to stop.

So, what is the current stage? Don’t get caught up in short-term or long-term thinking; this is the early confirmation phase of the long-term trend. Three seemingly independent directions—sentiment Meme, real assets RWA, compliance channels ETF—ultimately point to the same destination: the crypto market is shifting from a marginal role to a central hub for global capital allocation.

Practical advice is simple:

Focus on the core directions. These three narratives will run through 2026, and you must keep allocations in your portfolio. But at the same time, maintain enough rationality—an hundredfold rally in Meme tokens isn’t something everyone can catch, and chasing high on RWA and spot ETF tracks can easily lead to being caught in a dip. Use core positions to capture the big trend, and use flexible capital to respond to volatility and short-term opportunities. Only then can you avoid missing out or being hurt by market swings.

The market story is already being written. Do you want to keep watching, or do you want to become a participant in this story?