#稳定币生态发展 The underlying logic of this market cycle in 2025 is finally clear — shifting from speculation-driven to balance sheet-driven. This is no small matter. The $19 billion liquidation wiped out those players relying on leverage to survive; those who remain are starting to focus on genuine asset allocation.

Stablecoin supply has surged by 50%, with 20 billion flowing into yield-generating sectors. What does this mean? The logic of on-chain finance is changing. Previously, stablecoins were just a payment tool; now they are becoming a form of production—this has a significant impact on copy trading strategies. The purely speculative trading styles are declining, while prudent players based on cash flow and asset allocation are gaining popularity.

RWA has expanded from $4 billion to $18 billion, and the proportion of derivatives on DEX and CEX has increased fourfold. On the surface, this indicates market maturity; fundamentally, it’s about structural optimization. For us copy traders, it’s time to adjust our position allocation logic — we can no longer blindly follow those short-term volatility traders. Instead, we should focus more on strategies with solid fundamentals and stable cash flow generation.

In this cycle, the longest-lasting players are often not the highest earners, but those who can survive until the next cycle. The window for choosing the right copy trading targets is shrinking. Take a careful look at your copy trading pool.