Global stocks, precious metals, real estate, and bonds are all soaring simultaneously, seemingly unstoppable, but everyone can sense that the underlying structural risks have not disappeared. For the past thirty years, we have been accustomed to explaining this phenomenon with terms like "bull market" or "bubble," but what truly influences the subsequent direction is not the rise or fall of prices, but how value is settled and who bears the costs.

Between late 2024 and early 2025, I was almost obsessively writing about the necessity of diversified asset allocation. At that time, few people paid attention. As a result, just one year later, the structural risks of diversified assets have far exceeded expectations—the risk transmission effects caused by a large number of assets sharply rising are beyond estimation. Meanwhile, a new asset rights system centered around blockchain is quietly taking shape.

Cryptocurrencies face a real issue in this era: they are no longer purely speculative tools but a choice of financial infrastructure.

**Value Logic Is Splitting**

In the early stages of Bitcoin and Ethereum, the value of cryptocurrencies was mainly driven by narratives and market sentiment—who believes first, who might make a fortune.

But in a time when global assets are rising together and inflation is institutionally acknowledged, simple narratives are already diminishing in marginal impact. Price increases do not equal value recognition. True value depends on whether on-chain assets can perform actual clearing, settlement, and credit functions.

The core change is this: when inflation no longer depends on traditional banking and debt systems for distribution, but instead flows through on-chain assets, stablecoins, and RWA (real-world asset tokenization), the entire value framework of cryptocurrencies is rewritten.

It has transformed from a mere trading commodity into the infrastructure for payments and settlements. This is the real turning point.