The crypto market has entered the second phase of the bull run cycle.

Bitcoin often leads the bull run cycle, while altcoins lag behind in the early stages.
As the cycle progresses, altcoins often gain momentum and outperform Bitcoin towards the end of the cycle. We refer to this as the "first phase" and "second phase" of a bull run.
Importantly, during the past two cycles, altcoins contributed the majority of value creation. In the 2015-2018 cycle, altcoins accounted for 66% of the total growth in the crypto market's market capitalization.
During the 2018-2021 cycle, altcoins contributed 55%. So far, altcoins in this cycle account for 35% of the overall market growth.
For a long time, Bitcoin has benefited from regulatory clarity—this is reflected not only in its classification as a commodity but also in its well-known role as "digital gold."
This has always been the key driving force behind Bitcoin's outperformance against altcoins in the early stages of this cycle. Altcoins have historically faced greater regulatory uncertainty, which has only recently begun to improve.
Under the leadership of the new government in the United States, this pattern is undergoing a transformation, achieving significant progress in promoting digital asset innovation. Historically favoring the clarity and tailwinds of Bitcoin, it is now beginning to extend to altcoins.
The market is starting to reflect this. As victories on the regulatory front continue to accumulate, momentum is strengthening.
Last month, President Trump signed the GENIUS Act, creating conditions for the prosperity of stablecoins regulated by the United States, which are expected to become the engine of global financial transactions.
The CLARITY Act, passed by the House of Representatives, aims to establish clearer boundaries between digital goods and securities, helping to address the long-standing jurisdictional uncertainty between the SEC and the CFTC.
A revolution is happening, and we have reason to believe that non-Bitcoin tokens will be one of the biggest beneficiaries.
Innovation and development are accelerating, especially in the tokenization space. Robinhood recently launched stock tokens supported by Arbitrum, aiming to democratize stock trading and create a more efficient market.
Major U.S. banks such as Bank of America, Morgan Stanley, and JPMorgan are exploring the issuance of their own stablecoins. BlackRock's BUIDL Fund has accumulated $2.3 billion in tokenized government bonds.
Figure has processed over $50 billion in blockchain-native RWA transactions. In addition to tokenized government bond funds, Ondo also plans to list more than 1,000 tokenized stocks on the NYSE and NASDAQ through Ondo Global Markets.
On-chain migration is underway. Ethereum is driving the growth of non-Bitcoin market share as most real-world assets are flowing to Ethereum.
In the $260 billion stablecoin market, 54% of stablecoins are issued on Ethereum.
73% of on-chain government bonds are on Ethereum. DAT is accumulating ETH at an unprecedented rate. Wall Street is gradually realizing this, and demand for ETH is skyrocketing.
The price of Ethereum priced in BTC has risen by 103% since it bottomed out in April 2025.