Last night's market was exhausting to watch.

When Bitcoin just dropped from 90,000, the market really couldn't hold on at that moment—many people were liquidated before they even realized what was happening. The action by the Bank of Japan directly plunged the market from euphoria to the bottom, with 500 million dollars in long leverage disappearing overnight, and the sound of stepping on each other was incessant, a typical "emotional massacre" scene.

But there's something interesting here. On-chain data is actually sending mixed signals—USDT transfer volume on Ethereum has surged, and the number of active addresses has hit a new high, clearly indicating that large funds are seizing the opportunity to buy in. On one side, there are screams of liquidation from exchanges, while on the other side, there are signs of stablecoins quietly flowing in in large amounts. This script seems a bit off.

This is a true reflection of the current market: on the surface, it appears to be a game of betting on price fluctuations, but secretly, a transformation of asset allocation concepts is taking place.

Those who are still betting on direction with leverage have actually long been targeted by the macroeconomic cycle. Once the central bank's policy shifts and liquidity tightens, even the strongest technicals can't hold up. However, truly visionary funds have quietly changed their strategies—rather than putting all their chips on the zero-sum game of ups and downs, it's better to find some assets with real liquidity that can also generate stable returns to serve as a foundation.

The core of this transformation lies in shifting from "betting on volatility" to "eating the agreement."

For example, yield farming schemes for stablecoins based on over-collateralization systems have begun to attract more attention from institutional funds. Why? Because the logic is clear—transparent mathematical models replace faith premiums, and holding tokens can earn stable interest income, regardless of market fluctuations or stability, with the underlying protocol's growth returns accumulating automatically. What you hold is not just a stable value carrier, but also a dividend certificate for the growth of the entire ecosystem.

To use a metaphor, this is like shifting from "betting on horses" to "buying stocks in a racetrack"—one relies on luck and leveraged short-term stimulation, while the other depends on systematic returns for long-term gains. The risk of the former is concentrated in a single bet, whereas the risk of the latter is dispersed throughout the entire economic model of the protocol.

So the recent phenomenon we can observe is that more and more funds are making adjustments in their position allocation. It's not bearish, but rather "insuring" themselves—allocating a portion of risk capital to pursue opportunities for explosive growth, while simultaneously laying a solid foundation in stable income-generating assets. The benefit of this approach is that no matter how the market moves, you have a portion of profits that are steadily accumulating.

The market has gone through so many cycles, and those who have survived have basically realized one truth: volatility itself is not to be feared; what is frightening is passively enduring volatility. Actively choosing assets and designing allocation structures is the secret to surviving longer in this market.

Is your current position heavily focused on high volatility assets, or have you started to lay out some defensive and income-generating bottom positions?