The perp heat driven by hyperliquid and Aster has redefined the order of the crypto market.

The script we were familiar with in the past was: Bitcoin led the charge, followed by a blooming of altcoins like Ethereum. That was an era of liquidity spreading from top to bottom. Now, the story has changed.

The approval of the ETF has placed BTC and ETH into Wall Street's asset allocation.
Stablecoins have evolved from trading chips to tools for payment and fund management.
RWA moves US bonds and stocks onto the blockchain.
DeFi has finally achieved real and sustainable income for the first time.
DATs, the encrypted version IPO, provides a new channel for financing and exiting non-ETF tokens.

The past speculative cycle of "when Bitcoin rises, Ethereum follows, and altcoins soar together" is gradually fading away.

The future winners will not be projects that can attract attention just by telling one or two stories, but rather those that not only align with institutional and macro logic, obtain substantial funding and institutional support, but also maintain the interest and cultural appeal of the retail community.