In yesterday's and previous articles, I often mentioned that the forces from within the crypto ecosystem are the healthiest, most sustainable, and most powerful forces that can drive market trends; while external catalysts and stimuli often only have a temporary effect, and their sustainability is very short.

This is also why, despite sharing positive news about crypto policies, I prefer to share inventions, creations, new models, and new scenarios that come from within the ecosystem.

What are the forces from within the crypto ecosystem?

For example, the two sectors that have risen in this market cycle: inscriptions and AI agents.

However, inscriptions have subsequently weakened and failed to form real strength; while AI agents have faced multiple shocks before they could be systematically established, injuring their vitality, and now we have to wait for their recovery.

In this regard, a complete cycle that has thoroughly ignited emotions is typified by the DeFi, NFT, and blockchain gaming explosions in the last bull market.

Many readers experienced the last bull market, and I believe that many can vividly recall how strong and compelling the internal forces in the market were at that time.

In the current crypto ecosystem, after experiencing wave after wave of shocks, it seems we have gradually forgotten this feeling.

In fact, right next door, the A-shares and Hong Kong stocks have experienced and are currently experiencing the best reference.

The first wave of recovery for A-shares from despair began with the policy market that started in September last year.

That scene is not far from us, and I believe everyone is familiar with it.

At that time, under the pure stimulus of policies, A-shares and Hong Kong stocks suddenly soared, with the Shanghai Composite Index's daily increase exceeding 5 percentage points during the rally. In less than a month, the Shanghai Composite Index was pushed up by nearly 1,000 points, with an increase of over one-third; this was not about individual stocks, but about the index.

Besides "crazy," I really can't find any other words to describe the market at that time.

And what was the result?

After the National Day holiday, without further strong policy stimuli, the market immediately halted, and A-shares and Hong Kong stocks fell in sync, with no significant recovery thereafter.

This is the situation we see when relying solely on external stimuli without internal ecology.

In fact, this characteristic applies not only to traditional financial markets but to any financial market, including the crypto market.

To pull the market up in this way, it requires a continuous and massive influx of liquidity and constant motivation.

Outside of a few developed countries like the United States and Japan, I estimate that it is not easy for other countries to achieve this.

Traditional markets are like this, and the crypto market is no exception. Even if the crypto market has strong policy stimuli, how long can it sustain that stimulation?

Returning to A-shares and Hong Kong stocks.

After the A-shares and Hong Kong stocks languished in October last year, an unexpected event occurred in January this year:

The emergence of DeepSeek disrupted the development path of large models, making developers realize that besides focusing on computing power, they could also innovate in algorithms.

This news not only shook the U.S. stock market but also reverberated in the A-share market. People began to search for various listed companies that indirectly held shares of its parent company, Huanfang Quantitative.

A-shares began to stir, while southern capital and foreign investment started to pay attention to Hong Kong tech stocks again.

Then, a series of AI-related positive news emerged, including robots from Yushu Technology and investments in WeRide by Nvidia.

Moreover, Apple's selection of Alibaba as its AI partner for the iPhone in China pushed the AI theme to a climax.

In addition to the media coverage, I have personally witnessed numerous cases in practical applications: during this time, I often see friends in my social circle posting news about their companies launching certain + DeepSeek solutions, all promoting the improvements in efficiency and cost reductions brought by DeepSeek to their business.

Clearly, the application and popularization of AI have begun to tangibly enter our lives and change our lives.

During this period, almost all stocks of Chinese tech companies listed in Hong Kong have started to rally, and the Hang Seng Tech Index has become the focus of attention.

In terms of A-shares, the current market trend is relatively healthy, maintaining a pattern of advancing two steps and retreating one step, rather than the irrational surge seen in September last year.

This is the driving force from within the ecosystem. A market trend driven by such forces is a healthy trend, one that can be sustained.

What the crypto ecosystem lacks is precisely this kind of internal driving force, this true source of power.

It is impossible to rely solely on policies or to treat "games" as "serious business" to achieve healthy development of the crypto ecosystem. Therefore, we must focus on discovering new trends, inventions, and scenarios within the ecosystem.

As a side note: The purpose of writing this article today is not to encourage everyone to buy A-shares or Hong Kong stocks, but rather to highlight that the driving forces behind the movements of A-shares and Hong Kong stocks last year and this year correspond to external policy forces and internal ecological driving forces. Additionally, A-shares and Hong Kong stocks are very familiar to us, making it easier for us to understand through comparison.

By comparing, we can clearly see the problems currently facing the crypto ecosystem. I hope we can use this reference to see the true direction and real driving forces of the crypto ecosystem in the future, exploring the true direction in our daily learning and seeking the genuine driving forces of the crypto ecosystem within that direction.

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