**[Galaxy Digital Research Head: Structural Bull Market for Cryptocurrencies Remains Solid, Three Key Factors May Drive the Next Rally]** Galaxy Digital Research Head Alex Thorn stated that the structural bull market for cryptocurrencies and the stock market remains solid, highlighting three key factors—AI capital expenditure, stablecoins, and tokenization—as potential drivers of the next rally. Thorn emphasized that AI capital expenditure is being driven by well-funded enterprises and policy support, forming a capital expenditure cycle in the real economy rather than a replay of the internet bubble. Regarding stablecoins, the enhanced payment channels, liquidity, and on-chain activity of dollar-pegged tokens will further propel market development. As for tokenization, the on-chain transfer of real-world assets and traditional market infrastructure is transitioning from the pilot phase to implementation, creating demand for block space and related core assets. Despite uncertainties in fiscal and monetary policies, Thorn remains optimistic about Bitcoin's status as "digital gold" and believes that major cryptocurrencies like ETH and SOL will benefit from the growth of stablecoins and tokenization.