Can exchange tokens rise amid the on-chain token frenzy?

Recently, the cryptocurrency market has shown a vibrant scene, with Bitcoin's market share dropping from 60% to 55%, marking the arrival of the altcoin season. Remarkable performances have emerged in various fields: a certain protocol in the AI agent field saw its market cap exceed $300 million at one point; an AI project in a certain public chain ecosystem had its market cap surpass $1 billion; a specific liquidity protocol's ecosystem coin increased by more than 10 times. In terms of trading, open interest has reached new highs, surpassing $4.3 billion. Even the relatively quiet NFT sector has seen some action recently, with multiple well-known projects issuing tokens, driving up the prices of blue-chip NFT projects across several public chains.

Although the current hot topics are mainly focused on on-chain projects, the tokens of centralized exchanges have not been forgotten by the market. In fact, there is another potential catalyst in this bull market that cannot be ignored: a former president may be elected again.

This political change may further bring cryptocurrency into the public eye. The improvement of relevant regulations and moderate relaxation of oversight could promote external capital inflow into the cryptocurrency market. The continuous net inflow of funds into Bitcoin and Ethereum spot ETFs reflects this trend. Notably, a financial project associated with the former president's family has purchased a large number of DeFi-related tokens in the past month, including ETH, CBBTC, AAVE, LINK, ENA, and ONDO.

So, how do the purchased Tokens perform? What common characteristics do they share? What other potential concept coins are worth paying attention to? Let's discuss.

Purchase Record Overview

According to reliable sources, starting from November 30, a certain financial project has invested approximately 44.75 million dollars to purchase cryptocurrencies. As of December 18, all of these held coins are in a profitable state.

Interestingly, unlike traditional institutions that typically favor Bitcoin, the amount of ETH held by this project far exceeds that of Bitcoin, which may reflect their optimism about the future price trend of Ethereum.

The following are some of the tokens they purchased and their characteristics:

• AAVE: The world's leading lending platform, ranked first in Total Value Locked (TVL), with deposits nearing $40 billion, setting a historic high. Recently, the coin price has risen by 35% in seven days.
• LINK: A well-known oracle project, selected by a financial project as the standard for on-chain data and cross-chain connectivity.
• ENA: Closely related to the current bull market, its earnings come from arbitrage between futures and spot markets. As market sentiment rises and the Ethereum funding rate increases, the project benefits significantly. Recently, the TVL surpassed $6 billion, reaching a historical high.
• ONDO: The leader in the current real-world asset (RWA) sector, excelling in compliance, funding scale, and market recognition.

It is worth mentioning that COW is also regarded as a relevant concept coin, as the aforementioned purchasing actions are all conducted through a certain protocol.

Future Coins to Watch

Based on the investment strategy of this financial project, we can speculate on the token features they may focus on in the future:

1. Has a partnership with the project
2. Having a clear business model
3. Able to generate stable actual returns

Based on these features, the following tokens may become their investment targets in the future:

• LDO: As the largest liquid staking protocol in the Ethereum ecosystem, its TVL reaches 37 billion USD, accounting for 30% of the entire Ethereum staking market.
• Pendle: Focused on the yield splitting market, allowing users to trade future yield rights. With rising staking and protocol yields, the project has garnered significant market attention, with TVL exceeding $5 billion.
• UNI: As the leader of decentralized exchanges, it has a large user base and market share.

Conclusion

An analyst stated to the media that this large-scale purchase of tokens may be aimed at gaining more trust or promoting their own project by drawing attention to these assets. If these assets perform well, the related projects may benefit as a result.

This positive positioning towards blue-chip projects not only enhances the market's confidence in mainstream DeFi protocols but also injects more institutional funds into the crypto market. Such capital flows further stabilize the market, driving mainstream projects towards higher market capitalization and development potential.