1）The AI agent market size remains relatively small
Despite the market capitalization of Virtuals (an AI agent launch platform) soaring to about $4 billion, the total market capitalization of AI agents themselves is only around $1 billion. Although AI agents have recently been one of the hottest topics, there is still significant growth potential in the market as adoption and attention continue to rise.
2）Decentralized Exchange (DEX) and Centralized Exchange (CEX) trading volume surges
Perpetual DEX is especially popular, and more projects are achieving billion-dollar valuations without relying on centralized exchanges for listing. This is a significant step towards a truly decentralized trading ecosystem, showcasing the broader prospects of DeFi.
3）Decentralized science (DeSci) attention surges
Interest in decentralized science (DeSci) has significantly increased, attracting more developers and researchers. Although some narratives (such as liquid staking, BRC-20, modularity, L2, and RWA) have weakened, the rapid rise of DeSci may signal new innovation opportunities.
4）Bitcoin supply on exchanges continues to decline
The proportion of BTC (and ETH) on exchanges continues to decline, indicating that whales and long-term holders are increasing their positions. A reduction in supply on exchanges typically alleviates selling pressure, thereby driving bullish momentum in the market, especially for Bitcoin.
5）Achieving programmable Bitcoin through sBTC on Stacks
Stacks has launched sBTC, a 1:1 Bitcoin-backed asset aimed at unlocking about $2 trillion in Bitcoin liquidity for DeFi. Holders of sBTC can earn underlying yields (approximately 5% Bitcoin yield) and can borrow against it on platforms like Zest, with an annualized yield of about 6%, and more investment opportunities are soon to open up. This provides a practical way to 'make Bitcoin work,' potentially driving more Bitcoin-centric DeFi innovations.
6）Stablecoin supply surpasses $200 billion historical high
The supply of stablecoins has increased from $125 billion at the beginning of 2024 to $200 billion. The annual trading volume of stablecoins has already surpassed that of Visa, further proving that they represent a burgeoning trillion-dollar opportunity.
7）Monthly crypto fund growth
Although still below the peak in 2021, the influx of investment capital has significantly increased. Historically, capital inflows typically occur at market tops, and the current growth trend indicates that we are still in the early stages of the growth cycle, yet to reach the extreme optimism phase of the market.
8）Additional: The rapid rise of Solana
In December 2024, Solana achieved $43.1 billion in transaction fee revenue in a short period, surpassing the total of all other L1s combined. Solana's activity is comparable to Ethereum on multiple key metrics, and the upcoming Firedancer upgrade may further enhance its scalability and network usage. It is becoming increasingly evident that Ethereum and Solana can (and likely will) coexist in a multi-chain future.