Without question, equities are still in a bull market.
How do I know?
First of all, a bunch of indices, sectors, & thematic ETFs are making new all-time highs, but...
Stocks are making new ATHs relative to Treasuries.
This SPY/TLT scenario is what I outlined in November.

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The next phase of development for the crypto sector is quietly underway, with stories surrounding crypto gradually shifting towards its use in everyday life. The increasing popularity of crypto...

What are the top cryptocurrency trends to watch in 2026?

Offchain Labs – the research and development team behind Arbitrum – recently announced a further increase in its ARB Token holdings, further reinforcing its long-term investment commitment to the company...

The Arbitrum team announces the purchase of additional ARB Token , increasing its investment in the project's core operations.

This article is from Prince, co-founder of Avon.
Compiled by Odaily Odaily(@OdailyChina); Translated by Azuma (@azuma_eth)
TL;DR
People's use of DeFi has become highly similar. The market and infrastructure are maturing, but users' mentality has gradually shifted from curiosity to caution. The reward mechanism has changed from "users bear the risks and rewards themselves" to "users wait to be rewarded," and participation behavior has gradually converged around incentives.
The Fading DeFi
DeFi gives people the feeling that...