Why the crypto bull market must be driven by ecological innovation?

In yesterday's and previous articles, I often said that the power from within the crypto ecosystem is the healthiest, most sustainable, and most powerful force that can drive the market; while external catalysis and stimulation can only work for a short time, and the sustainable time is very short.

This is why, although I will also share the benefits of crypto policies, I am more willing to share inventions, creations, new models and new scenarios from within the ecosystem.

What is the power from within the crypto ecosystem?

For example, the two sectors that have risen in this round of market: inscriptions and AI agents.

It's just that inscriptions are weak in the follow-up and have not really formed a force; and AI agents have been repeatedly impacted before they have been systematically formed, which hurts their vitality, and now they have to wait for it to recover.

In this regard, the DeFi, NFT and blockchain games that have gone through a complete cycle and completely detonated emotions are typical examples of the last bull market.

Many readers have experienced the last bull market. I believe that many readers can still remember how strong the inner power and appeal of the market were at that time.

In the current crypto ecosystem, after experiencing wave after wave of shocks, it seems that we have gradually forgotten this feeling.

In fact, right next door to us, the A-shares and Hong Kong stocks have been and are experiencing the best reference.

The first wave of A-shares' recovery from despair in this round was the policy market that began in September last year.

That scene is not far from us, and I believe everyone will be familiar with it.

At that time, under the stimulus of pure policies, A-shares and Hong Kong stocks suddenly soared, and the daily increase of the Shanghai Composite Index exceeded 5 percentage points during the whole process. The Shanghai Composite Index was pulled up by nearly 1,000 points in less than a month, and the increase was more than one-third. This was not an individual stock, but an index.

In addition to "crazy", I really can't find any other words to describe the market at that time.

What was the result?

After the National Day, without further strong policy stimulation, the market was immediately interrupted, and A-shares and Hong Kong stocks fell simultaneously, and there was no decent improvement since then.

This is the situation we will see when relying solely on external stimulation without internal ecology.

In fact, not only traditional financial markets, but also any financial markets including the crypto market have this feature.

To pull up the market in this way, we have to continue to release a lot of money and continue to pump up the money.

Except for a few developed countries such as the United States and Japan, I guess it is not easy for other countries to do this.

This is the case in traditional markets, and the crypto market is no exception. Even if the crypto market is stimulated by strong policies, how long can it stimulate?

Back to A-shares and Hong Kong stocks.

After the slump of A-shares and Hong Kong stocks in October last year, in January this year, an unexpected surprise happened:

The emergence of DeepSeek overturned the development path of large models, and it made developers realize that in addition to taking drastic measures in computing power, they could also find ways to improve algorithms.

This news not only shook the US stock market, but also the A-share market. People began to look for various listed companies that indirectly held shares of its parent company, Huanfang Quantitative.

The A-share market began to become restless, and at the same time, southbound capital and foreign capital began to pay attention to Hong Kong stock technology stocks again.

Then, a series of AI-related benefits such as Yushu Technology's robots and Nvidia's holdings in WeRide came out one after another.

And Apple's selection of Alibaba as the AI ​​partner for iPhone China has pushed the AI ​​theme to a climax.

In addition to the publicity in the news, I have personally seen a large number of cases in actual application: During this period, I often see friends in my circle of friends posting news about their companies launching a certain + DeepSeek solution, all of which are promoting DeepSeek's improvement in efficiency and cost reduction for the company's business.

Obviously, the application and popularization of AI has begun to enter our lives and begin to change our lives.

During this period, almost all stocks of Chinese technology companies in Hong Kong stocks have started to start, and the Hang Seng Technology Index has become the focus of attention.

In terms of A-shares, the current market is relatively healthy, basically maintaining a situation of two steps forward and one step back, and no longer losing reason like last September.

This is the driving force from within the ecosystem. The market driven by this force is a healthy market and a sustainable market.

What the crypto ecosystem lacks is precisely this kind of internal driving force, the real driving force.

It is impossible for the crypto ecosystem to develop healthily by relying on policies and blindly treating "games" as "main business". So we still have to focus on discovering new trends, new inventions and new scenarios in the ecosystem.

Off-topic: I am not writing this article today to ask everyone to buy A-shares and Hong Kong stocks. It's just that I suddenly thought of the driving force behind the two waves of A-shares and Hong Kong stocks last year and this year, which just corresponded to the external policy force and the internal driving force of the ecosystem. In addition, A-shares and Hong Kong stocks are very familiar to us, so it is easier for us to understand them by comparison.

By comparison, we can see the problems facing the crypto ecosystem at present. I hope we can see the real direction and real driving force of the future of the crypto ecosystem from this reference, explore the real direction in our daily learning, and find the real driving force of the crypto ecosystem in the real direction.