At 2 a.m., once again watching the textbook-style plunge of the cryptocurrency daily chart. Eyes are sore and swollen, but fingers have nowhere to rest.

Someone in the group cautiously asks, "Is this a bottom-fishing opportunity?"

No one replies.

Compared to half a year ago, when the screen was already flooded with all kinds of all-in memes and jokes. And now? Quiet as if hearing the sound of wallets cracking.

**This is not a bear market, but a "no one wants" scene**

The data is right in front of us: Gold ETF inflows of 1 billion in a single day, chip giants skyrocketing overnight to the size of major internet companies, stablecoin trading pools drying up to an unbelievable degree, market makers and big players quietly shifting to day trading stocks in Japan.

Is Bitcoin really cooling off?

The answer is more painful than a sudden crash.

Old traders, already trapped, are beginning to become numb, too lazy to cut losses anymore. New entrants ask about decentralized and smart contracts, immediately yawning—"Can these things pay dividends? If there are no red envelopes, I might as well go for US bonds." The logic of institutions is even more straightforward: US bonds offer a steady 5% annual return, earning passively, so why gamble on something that neither yields nor has cash flow, sitting between valuable assets and digital rocks?

All the old stories have collapsed.

"Anti-inflation"? Gold is going crazy, and Bitcoin is falling along. "Avoid sanctions"? More and more like traditional bank stocks. And what about the term "digital gold"? People with spare money are buying gold bars; who still cares about mnemonics and private keys?

The core issue is simple and crude: Bitcoin itself does not generate income, has no cash flow, and lacks new narratives to support it. Once the world stabilizes, funds will leave in seconds.

**But this is not the end, just a change of direction**

Smart money on the chain has already begun to quietly shift—what are they looking for? On-chain assets that can generate interest, simply put, "digital US bonds."

What tools are they using? New mechanisms introduced by stablecoins, such as the latest "USDD" product.

The gameplay is indeed interesting.

USDD's latest "Treasury Yield Pool" design is as follows:

First layer, the reserve assets are real U.S. Treasuries, audited on-chain in real-time, each with a CUSIP number that can be verified. Default would mean the U.S. government goes bankrupt—security is not an issue.

Second layer, the Treasuries themselves generate a 5.3% annual yield, and this interest is directly airdropped to USDD holders, credited to their accounts every morning at 8 a.m., with no action required.

This creates an interesting phenomenon: you don't need to open an account on Wall Street, nor do you need to know fund managers. You can hold exposure to physically-backed U.S. Treasuries on-chain and earn interest.

From the perspective of market participants, what problem does this solve?

Institutions urgently needing stable income no longer have to waver between crypto and traditional finance. Retail investors also gain a truly cash-flow-generating on-chain asset, rather than betting on a story of price appreciation.

The logic of capital is so straightforward: give me yields, give me transparent collateral, give me on-chain convenience. When these three conditions are met, money naturally flows in.

This also explains why the stablecoin sector has suddenly heated up in recent months—not because Bitcoin cooled down and people sought alternatives, but a genuine reflection of market demand.

Returning to that 2 a.m. chart. The next time someone asks, "Should I bottom-fish?" it might not be about Bitcoin, but about asking: "Is this interest-earning on-chain asset worth allocating?" The answer could be much more complex.