The data from the Brazilian market this wave is worth paying attention to. The 43% increase in trading volume looks promising, but more importantly, the structural changes—average investment exceeding $1,000 and 18% of users beginning to diversify assets—indicate a shift from pure speculation to structured investing.

The threefold growth in stablecoin trading volume strongly indicates this trend. Under macro uncertainties, users are seeking low-volatility hedges, which is a typical signal of a risk asset adjustment period. Meanwhile, a 108% increase in low-risk crypto products, along with influxes from institutions and high-net-worth individuals, suggests large capital is positioning itself.

Bitcoin remains dominant, but ETH and SOL are solidifying their positions, indicating that multi-chain ecosystems have become a consensus. Itaú Asset recommends allocating 1%-3% of assets to Bitcoin as a hedge, and such institutional recognition is no small matter—under geopolitical risks and monetary policy changes, the demand on the asset side is indeed evolving.

It is also worth noting the geographic expansion. Beyond São Paulo and Rio de Janeiro, states in the Midwest and Northeast are also beginning to participate. Market penetration at this level may bring new liquidity inflows. From an on-chain perspective, this phase of new capital entering usually indicates that a bottom structure is forming, but volatility will still persist.