Recently, over the past month, it feels like the market has entered the "mid-rest" phase of the bull run. The gameplay is changing, and so is the profit logic.

First, on the macro level—The Federal Reserve has already cut interest rates, and the previous broad rally where "everything rises" has basically come to an end. Going forward, liquidity easing remains a long-term trend, but money will become more selective: funds will flow into projects with genuine technological breakthroughs and sectors with real application landing. The era of hype-driven speculation based solely on narratives is over.

Looking at regulation—The compliance framework is becoming clearer, and project teams can no longer grow wildly under the banner of "innovation." Only those projects that can produce practical applications within regulatory boundaries are likely to become the next dark horses. This is a fundamental change in the rules of the game.

Another key point—Institutions have become major buyers in the market through tools like ETFs. They don’t engage in short-term speculation; they focus on fundamentals and long-term value. This will change the nature of the market: there may no longer be the crazy moves where prices multiply tenfold overnight, but once a trend is established, it will be more stable and sustainable.

Therefore, strategies also need to be adjusted. In the past, blindly accumulating mainstream coins could have been a guaranteed win; now, this approach yields diminishing returns. More effort should be spent researching specific sectors—community economies of meme coins, technical routes of Layer2 solutions, narrative potential of modular public chains, application protocols in vertical fields... Moving from extensive mining to refined alchemy is necessary to profit in this cycle.

By the way, Elon Musk’s little puppy might be worth a strategic move.

#美联储降息 $MMT $ETH