Market trends are always volatile, but opportunities are often overlooked.

The crypto market is still evolving, and everyone is pondering the next move. In an era flooded with information, the major exchanges' trading floors have become the main battleground for gaining market alpha.

**01 Sector Rotation Before and After the Halving**

Historically, the market tends to develop new stories around Bitcoin halving events. But serious players don’t just focus on Bitcoin; they also explore potential assets that could benefit from these events.

This round is a bit different. The capital flow has changed — instead of rushing into a bunch of altcoins, it’s more pragmatically flowing into infrastructure and real-world application projects. You can clearly feel the sector rotation.

Three severely undervalued directions: **DeFi infrastructure, real-world asset tokenization (RWA), and decentralized physical infrastructure networks (DePIN)**. The technology in these areas has long been refined and is ready for large-scale application.

**02 The Truth About On-Chain Data**

Analyzing on-chain data is quite interesting. Over the past three months, institutional wallets have been steadily increasing their positions in certain sectors, while retail investors remain hesitant.

This is especially evident in DeFi. The TVL (Total Value Locked) of leading protocols has increased by 40%, but the corresponding token prices have risen far less — clearly indicating that value is not being properly priced. Usually, once the market recognizes this gap, the correction happens quickly — and that’s the opportunity.