⚡️If you have truly been following narratives all along, 2025 is likely to be a year of repeated market education—

You will probably find that, although no hot narrative has fallen behind, the overall returns have not significantly improved.

In the crypto market, chasing narratives is not inherently wrong. But the problem is:

The narrative shift in the 2025 crypto market is happening too, too fast!

If we break down all the narratives, I believe they can be categorized into four real capital logic lines:

1️⃣ AI / InfoFi / Launchpad

I group these three categories together because, in my view, they address the same issue—who controls the entry point of information into the market.

AI Agents, InfoFi, Launchpads are not fundamentally creating new value scenarios; they are doing three things:

Production, filtering, distribution, and pricing of information.

They mainly focus on IPOs and hype, with platforms steadily making money, retail investors indeed able to get good returns at certain stages, but highly dependent on platform entry rules and early subsidies.

2⃣ MEME + Prediction Markets

Why are these two grouped into one capital line? Because I believe both have a focus on hot topics and gambling characteristics, and fundamentally do the same thing:

Transforming emotions, opinions, and hot events into tradable assets.

The difference is that this has upgraded from shouting bets to gambling with specific rules and probability models.

This type of market, after high-frequency betting, quickly exhausts liquidity, making it very suitable for platforms but not for long-term holders.

3⃣ RWA / Stablecoin

A very typical institutional capital logic, including tokenized stocks, fundamentally solving the problem of how traditional financial assets can circulate and settle more efficiently on-chain.

Participants in this line are also very clear: BlackRock, Fidelity, Robinhood, Tether, Circle.

The long-term backing logic of BTC and ETH almost entirely comes from this line. Without this, the upper limit of crypto would be much lower.

4⃣ PerpDEX

This is the clearest and most sustained narrative in 2025.

From Hyperliquid at the beginning of the year, to Aster in the middle, and Lighter at year's end, it is an uncontroversial hot narrative running throughout the year.

But very few can participate long-term and stably make money from it. I can only say, very few.

So, do you think the market lacks narratives? It’s not at all!

What’s lacking is a structure that can carry funds long-term and allow ordinary participants to continue profiting.

If you find yourself chasing more and more narratives but your overall returns are not significantly improving,

the problem is often not your effort, but the way you participate itself is flawed!