In this bull market, how to find alpha returns?

Author: Haotian

Everyone is shouting that a bull market is coming, but can we recognize that the methodology for seeking 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 and DeFi infrastructure, locking in cross-chain flows of stablecoins, APY yield differences, and expanding new innovations;

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 high-quality candidates with “quasi-reserve asset” potential;

To Wall Street, the Rise of Innovation Tracks: 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 Pure Native Narrative

The Ethereum Ecosystem is Experiencing a Revival Wave: A $ETH price breakout will reignite the wave of technical narrative innovation in the Ethereum ecosystem, replacing the past Rollup-Centric grand strategy with a new ZK-Centric mainstream;

High-Performance Layer 1 Strength Competition: It is no longer a TPS competition; the focus is now on who can attract real economic activities, with core metrics including: stablecoin TVL proportion, native APY yield rate, depth of institutional cooperation, etc.;

The Last Twilight of Altcoins: The widespread season of altcoins faces a fundamental problem of insufficient capital momentum, and some altcoins may experience “dead cat bounce” trends. The characteristics of such targets include: chip concentration, community activity, and whether they can leverage new concepts like AI/RWA;

3. MEME Coins Upgrade from Speculative Tools to Market Standards

Capital Efficiency: Traditional altcoins have inflated market values and depleted liquidity, while MEME coins, with their fair launches and high turnover rates, are becoming 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 adhering to 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 comprehensive strength of public chains.

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