Assets on-chain and on exchanges indeed present two distinctly different trends.
On-chain tokens, such as AI Agent projects, have performed quite impressively recently. For example, the price of ai16z has quintupled this month, with its market cap skyrocketing to $1.9 billion. Other mid-cap tokens have also generally risen five to ten times, creating a strong atmosphere of growth.
However, the current upward momentum is relatively healthy and does not resemble a violent FOMO-style surge; rather, it reflects a gradual influx of capital, steadily injected into the market.
Although the inflow of funds on-chain has become apparent, it seems that large institutional funds are still in a wait-and-see stage. Their strategy may be to enter the market on a large scale after Bitcoin's price stabilizes.
From my perspective, this wave of increase in the on-chain market may welcome a small peak after the leading coin AI Agent is listed on BN.
This small peak is expected to trigger more capital inflows, spreading FOMO sentiment.
However, the sustainability of this rise may be limited, and it is more likely to represent a short-term high point.