From a macro perspective, cryptocurrencies have entered a round of super fundamentals. The narrative comes from the demand for compliant stablecoins by sovereign countries, the demand for RWA by traditional funds, and the policy uncertainty brought by Trump have substantially accelerated the depreciation process of US dollar credit, and US dollar credit has entered a systematic revaluation stage. These fundamentals have opportunities to promote a new crypto bull market, US dollar->stablecoin->DeFi>Payment>RWA->Solidarity countries' basic financial facilities, in fact, whether interest rate cuts are not critical. The US dollar index has weakened, and the Federal Reserve's monetary policy is no longer a decisive variable of the strength of the US dollar. 2021 is a liquid bull market, and 2025 is a monetary structure bull market. The fundamentals are very similar to those before the last bull market. I even personally think that Trump's instability and the subsequent macro narrative are more solid than the previous bull market. $BTC $ETH $BNB #btc #eth #bnb {spot}(BNBUSDT) {spot}(ETHUSDT) {spot}(BTCUSDT)