The difference between on-chain tokens and those on exchanges is striking. Take on-chain for example, tokens like AI Agent have recently surged rapidly, with ai16z increasing by as much as 5 times this month, and its market cap shooting up to 1.9 billion.

Tokens with medium market caps generally also saw increases of 5 to 10 times, and such growth is evident everywhere.

The current upward trend is relatively stable, not the kind of explosive FOMO-style surge that doubles in a day, suggesting that funds are steadily flowing into the market.

It's not hard to notice that while funds have entered the on-chain space, many large off-chain investors are still holding onto their coins and watching.

Perhaps in their investment plans, they want to wait for Bitcoin's price to stabilize before entering the market on a large scale.

In my view, this wave of on-chain activity will likely see a small climax after the top tokens go live on BN with AI Agent, which may stimulate more funds to follow suit and enter the market, falling into a FOMO state. Of course, this is only a short-term peak.

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