Many people attribute the start of the crypto bull market to the emergence of new concepts—whether it's RWA, X402, or other hot topics—treating them as universal keys. But this understanding is actually backwards.

These narratives are more like market triggers rather than true fuel. They can indeed attract attention, but they don't provide the upward momentum for the market. Ultimately, everything comes down to money. When liquidity flows in, even the worst logic can be built into consensus; when liquidity dries up, even the most reasonable arguments can't hold.

To truly understand this round of market trends, you need to step out of the crypto circle first. Focus on the broader global asset landscape. Stocks, bonds, commodities—these classifications can be used, but they're not enough. The key is to understand what roles different assets play at various stages of economic and liquidity cycles.

The focus isn't on what label an asset carries, but on what sustains it and what can hit it hard. Some assets benefit from falling real interest rates, some rely on inflation expectations, and others collapse at the slightest market panic. These differences are the real code for understanding capital flows. This series will start from this framework, examining cryptocurrencies within the appropriate macro context.