In the past, everyone liked to bet on the market with the saying "a cycle every four years," but the market data for 2025 has long since stopped following the usual patterns.

In this wave of rising momentum, the crazy numbers of MEME coins are just an appetizer - the real main course has yet to be served. Mainstream altcoins and L1 projects are still waiting for funding to be unlocked, but the underlying rules of the industry have been completely rewritten.

**The market is performing a split drama**

The MEME coins are as lively as the New Year, jumping up a hundred times at any moment. But if you look closely, you'll find that these coins have an average daily turnover rate soaring above 80%—essentially, it's a speed game of passing the buck.

Looking at SOL, AVAX and other L1 chains that are doing practical work, the number of active addresses on the chain is steadily climbing, but the price increase is far behind those air MEMEs. There is a clear dislocation between value and price.

**The funds haven't reached altcoins yet**

Currently, Bitcoin's market cap share is still stuck at 57%. A look at historical data shows that every time this number falls below 40%, altcoins really take off.

Institutional funds have entered through ETFs and are currently still concentrated in Bitcoin, this "safe haven." Once they begin to spread to altcoins, that will be the real flood monster.

**Four hardcore reasons why this time is different**

**1. The Compliance Door is Open**
The United States now allows retirement accounts to allocate to crypto assets — this is a $8.9 trillion fund pool. Even if only 1% flows in, it can drive a 4% increase in the total market cap. After the approval of spot ETFs, the institutional share has surged to 42%, and it is no longer a game where retail investors fight alone.

**2. Technology is truly being implemented**
Ethereum builds AI Agent infrastructure through the ERC-8004 standard, making AI and blockchain no longer parallel lines. After the breakthrough in cross-chain interoperability, the imaginative space for asset flow is completely opened up.

This is not another round of emotional speculation, but rather the infrastructure is being reconstructed. The MEME coin frenzy is merely an appetizer before the bull market; the explosion of mainstream assets may just be entering the countdown.