In this bull market, how to seek Alpha returns?

Author: Haotian

Everyone is shouting that the bull is coming, but do you know that the methodology for finding market Alpha and Beta this time is completely different? Here are a few observations:

1. OnChain + OffChain TradiFi as the Main Narrative

Stablecoin infrastructure: Stablecoins have become the "blood" connecting traditional finance and DeFi infrastructure, locking in cross-chain flows of stablecoins, APY yield differences, and new innovative expansions;

BTC/ETH micro-strategy "coin-stock" effect: It has become a trend for listed companies to include crypto assets on their balance sheets, making it crucial to find quality targets with the potential to be "quasi-reserve assets";

Emergence of innovation tracks to Wall Street: DeFi protocols designed specifically for institutions, compliant yield products, and on-chain asset management tools will attract massive funding. The original "Code is Law" has transformed into the new "Compliance is King";

2. Accelerating the Purification of Crypto's Native Narrative

The Ethereum ecosystem is experiencing a revival: The price of $ETH breaking through will reignite the innovative narrative of the Ethereum ecosystem, replacing the past Rollup-Centric grand strategy with a new ZK-Centric main theme;

High-performance Layer 1 competition: It's no longer a TPS race, but rather about who can attract real economic activity, with core indicators including: stablecoin TVL ratio, native APY yield, depth of institutional cooperation, etc.;

The twilight of altcoins: The widespread issue of insufficient capital momentum in the altcoin season poses a fundamental problem, while some altcoins may experience "dead cat bounce" trends, characterized by: chip concentration, community activity, and the ability to latch onto new concepts like AI/RWA;

3. MEME Coins Upgrading from Speculative Tools to Market Standards

Capital efficiency: Traditional altcoins have inflated market caps and exhausted liquidity, while MEME coins, with their fair launches and high turnover rates, have become the new favorites for capital, poised to capture a significant share of the dying altcoin market;

Attention economy dominance: KOL influence, community culture building, and hot FOMO models remain core competitive advantages, with liquidity distribution still following the attention principle;

New indicators of public chain strength: The activity level of the MEME coin market will be an important standard for measuring the overall strength of public chains.

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