ETFs, inscriptions, L2 rounds take turns to appear. The market seems to remain hot, but the truly worth pondering questions have surfaced: Are these rotations still just relay stories, or are the fundamentals quietly validating themselves?

The shift from a narrative-driven approach that simply follows the trend—"buy whatever is hottest"—to an examination of sustainable structural changes is happening. It’s no longer about which is hottest, but about asking "which changes have become irreversible market structures."

The true evolution of BTC, the identification of structural opportunities, and how to judge these in such an environment—these are the more pressing issues worth paying attention to now.