Everyone is shouting that the bull market is coming, but can we understand that the methodology for finding market Alpha and Beta this time is completely different? Here are a few observations: 1) OnChain + OffChain TradiFi becomes the main narrative: Stablecoin infrastructure: Stablecoins are becoming the "blood" that connects traditional finance with DeFi infrastructure, locking in cross-chain flows of stablecoins, APY yield differences, and new innovative expansions; BTC/ETH micro-strategy "coin-stock" effect: It is becoming 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"; To Wall Street's innovation track rising: DeFi protocols designed specifically for institutions, compliant yield products, and on-chain asset management tools will attract huge amounts of capital. The original "Code is Law" has transformed into the new "Compliance is King"; 2) The pure native narrative of Crypto accelerates the elimination of the false: 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 strategy with a new ZK-Centric focus; High-performance Layer 1 competition: It is 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 existence of a major altcoin season faces the fundamental problem of insufficient capital momentum, while some altcoins may experience a "dead cat bounce" market. The characteristics of such targets include: chip concentration, community activity, and the ability to latch onto new concepts like AI/RWA; 3) MEME coins upgrade from speculative tools to market standards: Capital efficiency: Traditional altcoins have inflated market values and exhausted liquidity, while MEME coins, with their fair launches and high turnover rates, are becoming the new favorites for capital, seizing a large 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.