#美联储恢复降息进程# Recently, investors are generally pondering a question: If this is indeed the starting point of a new bull run, what is the true driving force behind this market movement?

Many people pay attention to macro policies, but the Federal Reserve's decisions are difficult to predict accurately; while market sentiment has reference value, it is often a lagging indicator; technical analysis provides a perspective, but a single dimension can easily lead to misjudgment.

In reality, the core logic of market trends lies in the continuous buying of funds. This includes both on-market funds (through profit buybacks) and off-market funds (such as ETFs and DAT) continuously entering the market, which constitutes the most solid underlying support for the market.

Taking Solana as an example, the cumulative DAT of Galaxy and Pantera can absorb about 6% of the circulation, forming substantial support for the price. Compared to the inflow of Ethereum ETF funds, SOL is still expected to achieve a conservative increase of over 35% in the future, with the price expected to reach the target of $324.

Pumpfun adopts a casino-like operation model: it has repurchased 6.5% of the circulating supply daily and is expected to approach 18% by the end of the year. Its profit model has short-term sustainability, and the earnings for mid to long-tail streamers on the platform are hundreds of times higher than those on Twitch, attracting numerous streamer guilds and newcomers to join. The project's valuation-to-revenue ratio is only 4, which still has significant room for improvement compared to Hyperliquid's 12.

The Cards project brings traditional collectible card games onto the blockchain, with revenue showing explosive growth recently, reaching 2.58M in just seven days. The project is undervalued, with a circulating market cap to revenue ratio of only 1.13, but it has not yet formed a significant competitive barrier, and its ability to sustain growth still needs further observation.

Overall:
· Deterministic ranking: SOL is better than Pumpfun, Pumpfun is better than Cards
· Growth potential: Pumpfun is comparable to Cards, both exceeding SOL.
· Investors currently prefer casino-like projects with actual cash flow, such as Hyperliquid, Pumpfun, and Cards. When hollow market narratives fail, investors turn to those "truly profitable" projects. From the perspective of healthy industry development, this may represent a more rational bull run logic.

What are your views and insights on this, investors?