The coins on-chain and those on exchanges are like fire and ice.

A large number of tokens on-chain, primarily dominated by AI Agents, have been continuously rising recently. The ai16z has increased fivefold this month, reaching a market capitalization of 1.9 billion. There are also many medium-cap tokens increasing 5 to 10 times.

Moreover, this is a healthy rise, not a FOMO-style surge that multiplies in a day. This indicates that funds are slowly entering the market.

It is evident that a large amount of capital not focused on-chain has yet to enter significantly. Perhaps their investment logic is waiting for Bitcoin to stabilize.

I feel that the endpoint of this on-chain market trend is: Binance launching the leading AI agent, which will then drive capital to FOMO buy in. Of course, this is just a temporary endpoint.

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