Recently, the global economic situation has been complex and changeable, with frequent changes in geopolitical and macro policies causing uncertainty in the market. Against this backdrop, the performance of traditional safe-haven assets such as gold and bonds has shown some anomalies, and the price movement no longer fully aligns with historical patterns. At the same time, encryption assets, with their unique resilience and independent consensus mechanism, are gradually attracting the attention of mainstream investors, becoming a new choice in asset allocation.

Although the market has experienced fluctuations in the short term due to factors such as tariff policies, there are no significant signs of deterioration from the on-chain fundamentals. On the contrary, we have observed an interesting phenomenon: prices are falling while on-chain data remains stable. This divergence is often seen as a potential investment opportunity.

Historically, when market sentiment fluctuates and is inconsistent with fundamentals, it often contains structural opportunities. Although prices may be affected by external factors and fluctuate in the short term, in the long run, assets with stable fundamentals tend to overcome short-term volatility and return to their intrinsic value.

In this market environment, investors need to remain calm, focus on on-chain data and technical indicators, and look for potential investment opportunities. Projects such as Ethereum (ETH), Synthetix (SNX), and dYdX (DYDX) may be worth paying attention to, but investors should conduct a comprehensive assessment based on their own risk tolerance and investment goals.

Overall, the current market environment provides a medium-term reallocation window for on-chain assets. However, investors should proceed with caution, fully recognizing the high-risk characteristics of encryption assets, and manage risks while seizing opportunities.