Bitcoin (BTC) Still Has Room to Grow
Delphi Digital's cycle model predicted that Bitcoin would hit a new high in the fourth quarter of 2024. The current trajectory of Bitcoin aligns with this prediction.

• Each new all-time high is accompanied by the monthly RSI breaking above 70, and previous bull markets typically ended only after the RSI exceeded 90.

• According to the monthly price regression channel, Bitcoin remains below the 1-2 standard deviation range that marks the top.

• Increased institutional interest and a more relaxed regulatory environment may be the primary drivers of this bull market.

Solana Takes the Spotlight
Solana will continue to outperform Ethereum, primarily due to its superior user experience and better content ecosystem.

• Solana's operations are straightforward and intuitive, with no need for approved tokens or wrapped tokens.

• The Solana Virtual Machine (SVM) is the fastest-growing alternative virtual machine (alt-vm) ecosystem, with its network effects continuously strengthening. Additionally, Anza, Firedancer, and improved wallet infrastructure will further optimize the user experience.

• Solana co-founder Anatoly Yakovenko envisions increasing bandwidth and reducing latency to maintain Solana's competitive edge even in the face of growing competition.

NFTs Make a Comeback
The NFT market will experience a strong recovery, with sentiment diverging from fundamentals.

• Despite the convenience of token trading, NFTs enable on-chain uniqueness encoding, and heterogeneous assets (such as art, wine, etc.) may be tokenized as NFTs.

• Significant wealth creation events (e.g., Pudgy Penguins, Milady, and Azuki airdrops) may inspire other NFT projects to follow suit.

• NFTs are more retail-friendly and suitable for showcasing culture and social status.

DeFi Evolves into DeAI
DeAI will fundamentally change how users interact with DeFi.

• Front-end interfaces will be replaced by intelligent agents, allowing users to complete transactions, currency exchanges, and yield searches through natural language processing.

• In the future, most capital allocation decisions will be made by agents. While griffin is a pioneer in this area, DeAI projects like HeyAnon are rapidly emerging.

AI Agents Become Top Crypto Venture Investors
The future of trading will be dominated by AI agents rather than human counterparts.

• Agents can monitor markets 24/7 and process vast amounts of data, turning trading into a competition of computational power and unique datasets.

• By 2025, at least three agent frameworks will become unicorns with market capitalizations exceeding $10 billion.

High-Throughput Chains Drive Innovation
High-throughput blockchains will bring more experimentation and opportunities in 2025.

• Key projects to watch include Hyperliquid, Sui, and Monad, though other chains like Berachain also show potential.

• MegaETH is expected to compete with Layer 2 networks for market share rather than directly competing with Layer 1 networks.

DePin Sees a Revival
A major DePin project achieving self-sufficiency could trigger a broader reassessment of the sector and drive a "fundamentals" rebound.

• DePin has disruptive potential in areas such as wireless services (Helium), network infrastructure (DoubleZero), mapping services (Hivemapper), healthcare, and grid operations.

zkVM Ushers in Transformative Developments
zkVM technology will enhance interoperability between Rollups, enabling seamless cross-chain interactions.

• zkVM will also expand the developer market, allowing developers to build zk applications using languages like Rust.

AI Opens New Opportunities for GameFi
AI development tools will boost the productivity of game developers.

• Projects like InWorldAI are developing AI-driven NPC services.

• Open-source projects such as Virtuals.io's game framework and Eliza's integration with Unreal Engine and Unity could become revolutionary breakthroughs in AI gaming.

Consumer DeFi is the Next Blue Ocean
In 2025, on-chain finance will fully serve crypto-native users.

• zkTLS will enable the on-chain integration of Web2-sensitive data while maintaining privacy, facilitating applications like personalized agents and credit scoring.

• Yield-sharing stablecoins will continue to expand, with incentives better aligned between issuers and distributors.

Bitcoin (BTC) Still Has Room to Grow
Delphi Digital's cycle model predicted that Bitcoin would hit a new high in the fourth quarter of 2024. The current trajectory of Bitcoin aligns with this prediction.

• Each new all-time high is accompanied by the monthly RSI breaking above 70, and previous bull markets typically ended only after the RSI exceeded 90.

• According to the monthly price regression channel, Bitcoin remains below the 1-2 standard deviation range that marks the top.

• Increased institutional interest and a more relaxed regulatory environment may be the primary drivers of this bull market.

Solana Takes the Spotlight
Solana will continue to outperform Ethereum, primarily due to its superior user experience and better content ecosystem.

• Solana's operations are straightforward and intuitive, with no need for approved tokens or wrapped tokens.

• The Solana Virtual Machine (SVM) is the fastest-growing alternative virtual machine (alt-vm) ecosystem, with its network effects continuously strengthening. Additionally, Anza, Firedancer, and improved wallet infrastructure will further optimize the user experience.

• Solana co-founder Anatoly Yakovenko envisions increasing bandwidth and reducing latency to maintain Solana's competitive edge even in the face of growing competition.

NFTs Make a Comeback
The NFT market will experience a strong recovery, with sentiment diverging from fundamentals.

• Despite the convenience of token trading, NFTs enable on-chain uniqueness encoding, and heterogeneous assets (such as art, wine, etc.) may be tokenized as NFTs.

• Significant wealth creation events (e.g., Pudgy Penguins, Milady, and Azuki airdrops) may inspire other NFT projects to follow suit.

• NFTs are more retail-friendly and suitable for showcasing culture and social status.

DeFi Evolves into DeAI
DeAI will fundamentally change how users interact with DeFi.

• Front-end interfaces will be replaced by intelligent agents, allowing users to complete transactions, currency exchanges, and yield searches through natural language processing.

• In the future, most capital allocation decisions will be made by agents. While griffin is a pioneer in this area, DeAI projects like HeyAnon are rapidly emerging.

AI Agents Become Top Crypto Venture Investors
The future of trading will be dominated by AI agents rather than human counterparts.

• Agents can monitor markets 24/7 and process vast amounts of data, turning trading into a competition of computational power and unique datasets.

• By 2025, at least three agent frameworks will become unicorns with market capitalizations exceeding $10 billion.

High-Throughput Chains Drive Innovation
High-throughput blockchains will bring more experimentation and opportunities in 2025.

• Key projects to watch include Hyperliquid, Sui, and Monad, though other chains like Berachain also show potential.

• MegaETH is expected to compete with Layer 2 networks for market share rather than directly competing with Layer 1 networks.

DePin Sees a Revival
A major DePin project achieving self-sufficiency could trigger a broader reassessment of the sector and drive a "fundamentals" rebound.

• DePin has disruptive potential in areas such as wireless services (Helium), network infrastructure (DoubleZero), mapping services (Hivemapper), healthcare, and grid operations.

zkVM Ushers in Transformative Developments
zkVM technology will enhance interoperability between Rollups, enabling seamless cross-chain interactions.

• zkVM will also expand the developer market, allowing developers to build zk applications using languages like Rust.

AI Opens New Opportunities for GameFi
AI development tools will boost the productivity of game developers.

• Projects like InWorldAI are developing AI-driven NPC services.

• Open-source projects such as Virtuals.io's game framework and Eliza's integration with Unreal Engine and Unity could become revolutionary breakthroughs in AI gaming.

Consumer DeFi is the Next Blue Ocean
In 2025, on-chain finance will fully serve crypto-native users.

• zkTLS will enable the on-chain integration of Web2-sensitive data while maintaining privacy, facilitating applications like personalized agents and credit scoring.

• Yield-sharing stablecoins will continue to expand, with incentives better aligned between issuers and distributors.