Crypto trader Ansem said comparing the current cycle directly with 2020, 2023, or 2024 has limited value. According to ChainCatcher, he said the closest parallel is the DeFi expansion from 2020 to 2021, when a new business sector brought billions of dollars onchain.

Ansem said stablecoins, especially tokenized stocks, are opening new markets in this cycle while attracting retail investors, institutions, and developers. He said new sectors tend to bring new capital flows, products, and significant speculation, and that this is the framework he is using to analyze the current cycle.