In this bull market, how to find alpha returns?

作者：Haotian

Everyone keeps shouting that “bulls are here,” but can you tell that the methodology for this round of searching for market Alpha and Beta is completely different now? Here are a few observations:

一、OnChain+OffChain TradiFi becomes the main storyline

Stablecoin infrastructurization: Stablecoins are the “blood” that links traditional finance with the core DeFi infrastructure. By locking in cross-chain stablecoin flows, the APY yield differences, and new forms of innovation expanding the ecosystem;

The micro-strategy “crypto-equity” effect of BTC/ETH: It’s become a trend for publicly listed companies to include crypto assets on their balance sheets. Identifying high-quality targets that have the potential to function as “quasi-reserve assets” is key;

To the rise of the Wall Street innovation track: DeFi protocols designed specifically for institutions, compliant yield products, and on-chain asset-management tools will win favor from large amounts of capital. The old “Code is Law” has become the brand-new “Compliance is King”;

三、Native Crypto narrative accelerates to separate truth from fiction

A wave of revival for the Ethereum ecosystem: A $ETH price breakout will reignite a wave of technological narrative innovation for Ethereum, replacing the past Rollup-Centric grand strategy. A new ZK-Centric direction will become the main theme;

Racing for high-performance Layer1 strength: It’s no longer a TPS competition—what matters is who can attract real economic activity. Core metrics include: the stablecoin TVL share, native APY yield, the depth of institutional partnerships, and so on;

The final twilight of altcoins: The fundamental problem with a broadly generalized big altcoin season is insufficient capital momentum. In some segments, certain altcoins may show a “dead cat bounce”行情. The characteristics of these targets include: high token-holder concentration, community activity, and whether they can hitch a ride on new concepts like AI/RWA;

三、MEME coins upgrade from speculative tools to a market staple

Capital efficiency: Traditional altcoins have inflated market caps and dwindling liquidity. With their fair distribution and high turnover rate, MEME coins have become the new favorites for capital, aiming to capture most of the market share from dying altcoins;

Attention-economy dominance: KOL influence, community culture building, and hot FOMO patterns remain the core competitiveness. Liquidity allocation still follows the rules of attention;

A new indicator of public chain strength: MEME coins’ market activity will be an important standard for measuring a public chain’s overall strength.

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