1) Market Trends

BTC continues to rise and hit new highs, firmly standing above the 100,000 mark. Funds are moving from speculative assets to real assets, with exchanges promoting Trump narrative-based DeFi and on-chain hype around AI agent narratives.

U.S. stocks are experiencing fluctuations, with MicroStrategy joining the NASDAQ.

2) Market Hotspots:

1. The DeFi projects COW and ENA have surged. The Trump family is using the trading aggregator COW to purchase stablecoin ENA and RWA's ONDO, with recent Trump endorsements significantly outpacing those of Musk.

2. Public chains FTM and SUI are rising. FTM will launch its second-generation mainnet, Sonic, next week. The SOL/BTC exchange rate has broken through the yearly trend line, and SOL may struggle to achieve excess returns in the coming months; on-chain animal memes on SOL are temporarily resting.

3. Payment token UTK has surged. UTK is an older coin from 2017, with the market hyping its phonetic resemblance; Twitter's payment service has been renamed to Xmoney, which shares the same name as UTK.

4. On-chain DEX HYPE's market cap has entered the top 10, reaching a peak of $25 billion. HYPE's contract volume has reached 10% of BN's, with an annual revenue of $300 million (BN's annual revenue is $10-20 billion). HYPE's founders have backgrounds similar to SBF and originated from market-making, leading to market comparisons with FTX hype.

5. On-chain AI projects FARTCOIN, ARC, and VIRTUAL have surged. FARTCOIN's market cap has surpassed GOAT. ARC is an AI platform similar to AI16Z's Eliza.