Author: TM

Compiled by: Tim, PANews

You have arrived just in time, catching the largest on-chain bull market in the history of the crypto space. In this article, I will analyze how, why, and when it is about to happen, and answer the questions everyone should be asking.

Mainstream Coins and On-Chain

Let's start with Bitcoin; all other cryptocurrencies are insignificant. As I write this, Bitcoin is trading at $111,000. In terms of short-term holdings, the risk-reward ratio here is not appealing. Of course, in the long run, the development path is clear.

"As a crypto novice, one of the quickest ways to expose your ignorance is to ask: What is the reason for Bitcoin's surge today? Its path to a million dollars is destined, and it never needs a reason at any time." — Degenspartan

During Trump's presidency, even his sons threw out a price target of $150,000. Reasonable, but to be honest: a 1.5-2x return is not enough for me.

This is just the beginning

Current On-Chain Status

Stablecoin metrics on Ethereum and Solana have reached all-time highs. This is likely the first wave of capital from crypto treasuries being deployed on-chain. As mainstream coin prices approach historical highs, the demand for stablecoins has also increased.

However, the atmosphere in the crypto community feels like the peak of a bear market. Crypto Twitter is filled with Meme coin traders who have transitioned from outdated forex course sales, and those running traditional finance "entrepreneurial experts" with only 12 users.

Why?

Stablecoins seem to be performing well

Trump Breaks the Cycle

Trump's presidency has broken the traditional four-year halving cycle. Bitcoin is now deeply integrated into Wall Street, and it can be said that BlackRock has taken the lead. The current core question is whether Bitcoin will act as a safe-haven asset (like gold) or a leveraged alternative to Nasdaq.

The market narrative has been fully priced in, even over-priced. The only thing that truly matters right now: the inflow and outflow of liquidity.

On-chain trading is harder than ever, and the launch of Trump Meme coins marked the peak of the last market cycle. Since then, many Meme coins have gone to zero; although the game among players continues, on-chain data does not lie.

Bottom confirmation?

Meta-Narrative is Brewing

We are currently in a narrative window. There is a lack of liquidity and no clear main storyline. Three major narratives are being tested:

1. Confidence Assets

Meme coins are upgrading to a corporate model, with community "religion" shifting towards revenue-generating businesses. The bar has been raised: just being funny is no longer enough. The future will be driven by capital-backed memes, narrative teams, and existing crypto communities. A real community war is about to unfold.

2. Creator Capital Markets

Platforms like Pumpfun are merging meme culture with streaming. This model is still in its early stages, and it may be too early; early stages often mean maximum monetization. However, if it can sustain growth, it may completely change how the creator economy accesses liquidity.

3. DeFi

Loved by quantitative traders but scoffed at by speculators. With traditional finance's pursuit of returns, it will experience explosive growth, but the real speculative opportunities lie elsewhere. Some projects (like PENDLE) may perform well, but the essence of DeFi is more like infrastructure than speculative frenzy.

Sorry, bro

The Real Catalyst: Regulation

In the age of artificial intelligence, the truly important catalysts are those factors that the market cannot price in immediately: uncertain time points and emotional behaviors, and the biggest catalyst right now? Regulatory policies.

Have you heard of the "Clarity Act"?

This U.S. bill will define when digital assets are considered securities (under SEC jurisdiction) or commodities (under CFTC jurisdiction), establish a maturity framework for blockchain, and create tailored rules for stablecoins and DeFi. The bill passed the House in July 2025 and is currently awaiting a Senate vote, expected to be enacted by the end of 2025 or early 2026.

What does this mean?

Funds, in the billions, and possibly trillions, will finally have a framework for on-chain deployment. The traditional market has been exhausted. Venture capital needs a new home, and cryptocurrency will become the top choice.

Exploding with abundance

On-Chain Meta-Narrative

Forget the term ICM; that brand has lost its reputation. Let's call it the on-chain meta-narrative. The tokenization of everything: real estate, AI projects, startups, all projects will raise funds on-chain through meme tokens. Fast, decentralized, and with minimal restrictions.

This is not a question of whether it will happen, but when it will happen and how big it will be. The integration of traditional finance and cryptocurrency is inevitable.

How to Play This Game?

Mainstream strategies are always changing, and your advantage lies in timing, diversification, and strict discipline.

Diversify into strong teams with cultural depth and narrative advantages.

Note: What works today may not work tomorrow.

Keep liquidity available. Without liquidity, you may miss out on the biggest gains.

It is still early; the bubble has not yet begun. When the bull market arrives, its scale will surpass even the 2017 ICO frenzy and the internet bubble. High volatility, endless token issuance, and absurd capital inflows.

But be careful; most of you are already bankrupt or having bad luck. Don’t spend it all too soon; future opportunities will be abundant and overwhelming.

Dull but never too dull

Finally

Get ready; the wildest on-chain journey of your life is about to begin!

Brothers, hold steady; the funds are deployed!

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