After this bull market, retail investors get cut, then institutions get cut. After the institutions, market makers get cut. In the primary market they’re all reaching into each other’s pockets; in the secondary market the top feeds are poured in. Once the fresh excitement of DeFi, NFTs, and RWA fades, when you look up you’ll see across the table the quants, the insiders, the “haircut-the-fleece” squads, and the god’s-eye-view exchanges—go ahead and play; once you play, you won’t make a sound. This was the funeral of the last round.

So what about the next round? Not a narrative reboot—players are getting a blood swap: ETF funds treat BTC like gold as a paired asset; RWA puts U.S. Treasury yields on-chain; AI Agents use algorithmic wallets to trade with themselves; protocols that can go up first submit a “real cash flow” answer sheet.

The card table is still there, but the rules have changed: last round it was about speed of hand—next round it’s about whether you’re in interest-bearing assets, in the infrastructure, and whether you’re not being butchered by high FDV with locked/fully-unlocked supply schedules. Are you still using last round’s muscle memory to chase a 100x dirtcoin? Next round, it’s still you who pays the bill. $BTC $BNB $ETH #美国30年期国债拍卖收益率创2001年新高 #Reddit将纳入标普500