Matt Hougan, Chief Investment Officer of Bitwise, stated in an article on the X platform that cryptocurrency is narrative-driven, and there are currently nine major narratives poised to lead the next cycle. First, revenue-generating products. Blockchain annual revenue is currently around $7 billion to $8 billion, and as mainstream adoption accelerates, industry revenue will scale to hundreds of billions of dollars, with projects generating revenue receiving rewards. Second, AiFi. AI agents will use cryptocurrencies, stablecoins, and DeFi instead of bank accounts, and its scale is immeasurable. Third, fiat currency retreat. As fiat currencies depreciate, the world will shift towards hard currencies, including BTC. Fourth, institutional adoption. Institutional adoption of cryptocurrencies is a decade-long trend, with a scale measured in trillions. Fifth, regulatory progress. The benefits of proactive regulation have not yet materialized; the Genius Act will take effect in January 2027, and once regulations are clear, investment and mainstream adoption will grow exponentially. Sixth, a stablecoin supercycle. While the assets under management of stablecoins have temporarily stagnated at $300 billion, they are projected to grow to trillions in the future, becoming a pillar of the global payment system in the 21st century. Seventh, tokenization. Currently, only $20 billion in assets have been tokenized, while the total global stock, bond, and real estate markets amount to hundreds of trillions, representing a market penetration rate of less than 0.1%. Eighth, the DeFi resurgence. With the tokenization of RWA assets and improvements in protocol token economics following regulatory clarification, the scale of DeFi will expand 100 times. Ninth, Ethereum is experiencing a "Jobs return moment." Vitalik Buterin's return to the Ethereum ecosystem, analogous to Steve Jobs' return to Apple in 1996, will usher in a period of explosive growth for Ethereum.