For BTC, no matter whether 60,000 is a bottom or not, will 80,000 directly “take off,” or will it first return to 70,000 before continuing higher? In reality, it’s not that important. Having your own plan matters far more than guessing every single price point.

At its core, investing is a long-term life philosophy. Whether your account has outperformed or underperformed over the past two years is just the process. What truly matters is protecting your principal and staying at the table—don’t become an enemy of time. Sixty thousand, eighty thousand, or even forty thousand may seem important in the short term, but once you extend the time horizon far enough, it really isn’t that important.

Often, we feel that a certain price level is especially important because we actually understand too few underlying assets. So what you can do is keep conducting research and analysis, bring more high-quality assets into your watchlist, give yourself more chances to choose the right ones—then wait for timing to come from fate.

When the opportunity comes, be brave and take the leap—be friends with time.

Below I’ll share some large-cap picks that I’m relatively focused on in this round, worth holding long-term—this is the first batch.

Layer 1: Issuers + distribution channels.

Focus on HYPE, BNB, and OKB. If we include overseas exchanges too, COIN is also worth researching. Once RWA truly scales up massively, the most valuable thing may not be any single RWA asset itself, but the entry points for issuance, trading, and settlement. Right now, RWA has already clearly started moving from “telling stories” to real trading, and Hyperliquid has even become an important venue for RWA derivative trading.

Layer 2: Stablecoins.

CRCL is still a direction I’m very bullish on. The total market size of stablecoins has already exceeded $300 billion. Circle’s USDC is about $70.9 billion. Stablecoins themselves are still in a phase of rapid expansion.

I even think that, in the future, what’s truly worth long-term research won’t be “whether stablecoins will grow,” but rather who can capture the profits from stablecoin issuance, settlement, payments, and financial services.

Layer 3: Secondary beneficiaries of RWA.

Here I’m going to put UNI, PENDLE, and ENA. UNI is the trading entry point, PENDLE is the yield market, and ENA is more like a high-beta strategy combining stablecoin + RWA yield leverage. Ethena has already formed fairly complete ecosystem connections with Hyperliquid, Pendle, Morpho, and others. This kind of financial building-block combination is definitely worth paying attention to.

Of course, the risks in this layer are clearly higher than BTC and ETH, because ultimately it still depends on whether protocol revenues can truly transmit to token value.

Layer 4: BTC, ETH, SOL.

I’ll still hold onto these three long term. They’re more like the underlying assets of the entire Crypto financial system, not just a bet on a single RWA project. Especially for ETH: the large-scale development of RWA and stablecoins will itself continually increase demand for on-chain settlement, DeFi liquidity, and financial infrastructure.

If I were to add a few more worth researching, I’d prioritize MORPHO, AAVE, LINK, and ONDO. Among them, AAVE is more focused on on-chain credit, PENDLE on the yield market, LINK on the data infrastructure between traditional assets and on-chain finance, and ONDO is the RWA issuance end. They have different positions, but all of them may capture incremental opportunities after the financialization of RWA.

So I now prefer to understand this round of Crypto in one sentence:

Last round was about issuing tokens; this round is about tokenizing financial assets. The real big opportunities may not be in the assets themselves, but in areas like issuance, trading, settlement, lending, and yield distribution.