Let's review the evolution path of these bull market cycles—the logic is actually pretty clear.

Initially, Bitcoin dominated and went crazy draining liquidity, while other coins collectively took a nap. Then Ethereum started catching up, and the public chain ecosystem got restless too. After that, dog coins and MEME projects flew everywhere, with retail investors collectively losing their minds chasing peaks. Now, the market is experiencing the fourth stage—transitioning from frenzy back to rationality, with institutions and smart money starting to mine projects with real-world applications.

At this critical juncture, RWA (Real-World Assets) and Privacy (privacy compliance) have become the two core narratives. Projects that can hit both tracks are extremely rare.

What's truly worth paying attention to are projects that have actual layouts on the RWA asset side while also possessing privacy technology moats. For example, teams that have already established cooperative relationships with asset platforms and own privacy technologies like ZK proofs. This kind of "dual-track leader" is severely undersupplied in the current market.

The chip structure is also very healthy. Projects that survived the bear market have already shaken out uncommitted retail investors. What remains are long-term holders who understand the game rules. This kind of light chip structure is most favorable for subsequent rallies.

The key is finding teams that are actually getting things done. Look at code commit frequency—those that pump out press releases every day don't count; the ones seriously building infrastructure and advancing testnet iterations are what matter.

In crypto, projects doing real work often arrive late, but they never miss the party. Positioning in these kinds of projects now is betting on this fundamental logic.