Many hot funds in the market are rotating concepts. For example, currencies like BCH and ZEC often have their hype logic linked to mining machine sales and weekend pump shows, which are essentially just tricks of the妖币. The bull market cycle of commodities has indeed attracted a wave of capital inflow, but this heat often comes and goes quickly.

Looking at on-chain finance, the stories of stablecoins and RWA (real-world asset on-chain) have been told for a long time, but scale effects still haven't been seen. USDT continues to trade at a discount, and under the pressure of RMB appreciation, the usage scenarios for these products are actually shrinking. DeFi wealth management and U-Card tracks are even more out of the question; after burning so much money over the years, growth momentum is basically nonexistent.

The theory of replacing banks is even more overthought. Payment and settlement efficiency can indeed be improved, but jumping from "efficiency optimization" to "inclusive finance" is a hundred thousand miles apart.

However, tracks like privacy and Prep DEX, although not yet popular, are worth paying attention to for their initial exploratory directions. From a macro perspective, the real growth engines are still AI-related applications and industries. The crypto field still needs to try several directions and not be too obsessed with a single track.