The global macro landscape remains uncertain, and the cryptocurrency market in 2025 is at a crossroads. The triangular game among liquidity flows, interest rate trends, and risk appetite is making the outline of the next wave of market movements increasingly blurry.

The options currently before us are not singular. The AI concept still maintains a high-temperature narrative; whether it can sustain continuous capital inflows remains a question. As the ballast of the entire ecosystem, will BTC and ETH reassert their dominance as value anchors? Can the Layer2 track, with its scalability advantages and application deployment, take over as a growth engine? Or are those DeFi protocols long neglected quietly gathering strength, waiting for a reshuffle in the logic of value capture?

Under macro uncertainty, long positions have become an essential choice. The key lies in who can accurately grasp the rhythm in this cycle and identify genuine growth signals — this will determine the success or failure of asset allocation.