"We will all be E guards in the future" (this article really belongs to the running and telling version, I hope it should be turned around.) 1/ ETH is copying BTC's movements in traditional markets, starting to be repriced by Wall Street. In the second half of this year, it is expected to come out of a stronger price performance. 2/ In addition to BTC and ETH, other tokens follow a pattern similar to MSTR or SBET, which is more hype. The differences are: Hype type: In order to pull up the shipment Floor-to-ceiling: for repricing This distinction will become more and more obvious in the future. 3/ SOL may be entering a "great retreat". We need to wait for a new narrative to drive the price back to the upside. 4/ Binance Alpha model needs to be revisited: Mixing good and bad projects, the overall return may be greater than the income of the first week, which is worth paying close attention to and actively participating. 5/ The market structure has changed. After BTC traded sideways, it is difficult to reproduce the "altcoin rotation" market in the past. In the future, there will be more capital rotation between BTC → ETH, and altcoin gains will tend to be hyped-type swing trading. 6/ 📌 Who is the real main force in the market? Not an ETF (mostly retail investors), nor CTA/quant (trend following), nor a CEX/MM (passive liquidity provider). Instead: directional hedge funds, such as Galaxy, Millennium Management, they are the real market makers. These "bankers" dominate BTC's momentum. When they start building positions, other trend followers (CTA, MM) and retail investors will relay to promote the overall market to form a "synergy". This explains why many traditional indicators are starting to fail – market drivers have changed. What really works is understanding who is dominating the starting point of the trend. Treasury companies (such as MSTR) buy through OTC and will not affect market fluctuations, and are not "bankers" or funds that dominate market trends. 7/ 💥 Tom Lee (Bitmine Chairman) has led a $250 million ETH strategic reserve plan, which has been recognized by Wall Street. Wall Street institutions are reshaping ETH's pricing model. ETH is the bridge for stablecoin liquidations. Currently, 50%+ of stablecoin liquidations occur on ETH. The expected size of the stablecoin market is $2 trillion: According to CRCL PE 300, ETH should exceed 10,000 US dollars according to PE 100, and it is far from being reasonably priced. 8/ Wall Street's current core views on Crypto: 1. Tokenization of US stocks 2. Token U.S. Trading ETH is the biggest beneficiary in this logic. 9/ The Genesis Act and stablecoin regulatory dividends do not involve chains such as SOL, BNB, etc. The currently established macro pricing logic only supports BTC and ETH. ———————————————————————— Summary: BTC, ETH = Landing logic, institutional driven, and trend synergy SOL, BNB, and other altcoins = not established for the time being, lacking legislation and institutional support The real workhorse has shifted from retail investors and rotation logic to directional hedge funds

Thank you to our Space resident guest @cryptodaoyi for sharing on Thursday