In this bull market, how to find alpha returns?

Author: Haotian

Everyone keeps saying “the bull is coming,” but can you know that this wave of searching for market Alpha and Beta is following a completely different methodology now—here are a few observations:

1. OnChain + OffChain TradFi as the main storyline

Stablecoin infrastructure: Stablecoins are the “blood” connecting traditional finance with DeFi infrastructure; cross-chain flows of locked stablecoins, differences in APY yields, and new innovation expanding use cases;

The “crypto-stock” effect of BTC/ETH micro-strategies: It’s becoming a trend for publicly listed companies to include crypto assets on their balance sheets; finding high-quality targets with potential as “quasi-reserve assets” is key;

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

3. A native crypto narrative goes into full acceleration to separate truth from falsehood

A wave of revival is underway in the Ethereum ecosystem: a breakout in the $ETH price will reignite the innovation cycle of Ethereum’s technological narrative, replacing the former Rollup-Centric grand strategy; a brand-new ZK-Centric direction will become the main theme;

A showdown among high-performance Layer1s: It’s no longer about the TPS race—you need to see who can attract genuine economic activity; key indicators include stablecoin TVL share, native APY yield, the depth of institutional partnerships, and more;

The last twilight of altcoins: The fundamental problem is that the general “big altseason” suffers from insufficient capital momentum; some local altcoins will see “dead cat bounce”行情. The characteristics of these targets include: token concentration, community activity, and whether they can ride new concepts like AI/RWA;

3. MEME coins upgrade from speculative tools to standard market positioning

Capital efficiency: Traditional altcoins have inflated market caps and liquidity dries up; MEME coins, with their fair launches and high turnover rates, have become the new favorites for capital, capturing the majority share of the nearly-dead altcoin market;

Attention economy dominance: KOL influence, community culture building, and hot FOMO-style behavior remain core competitive strengths; liquidity allocation still follows the rules of the attention economy;

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

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