2025 Crypto Market: The Rise of Binance Ecosystem and Ethereum’s Dormancy

—— From CZ’s Return to Vitalik’s Silence, Reconstructing Investment Logic Amid Industry Divergence

I. The Comprehensive Outbreak of Binance Ecosystem: CZ’s Return and BSC Chain’s “Open Card” Strategy

1. CZ’s Influence Reshaping and Market Confidence Boost

   • Post-Release Market Effect:After CZ’s release in September 2024, his personal wealth (approximately $60 billion) and Binance-related resources quickly ignited market sentiment. Although he no longer serves as CEO, his frequent social media interactions (such as daily “gm” tweets) have made him the “super spokesperson” for the BNB Chain ecosystem.
   • BNB Chain’s Traffic Engine:The liquidity incentive programs led by CZ (such as a $4.4 million Meme-specific support) have driven BNB Chain’s daily active addresses to surpass one million, with trading volumes exceeding the combined total of Solana and Ethereum, achieving a closed loop of “traffic - funds - transactions.”

2. From Meme to AI: The Ultimate Goal of Ecological Positioning

   • Meme’s Cold Start Value:BSC Chain attracted short-term traffic through MEME projects like CaptainBNB and TST, but CZ clearly stated that “Meme is just a means,” with the ultimate goal of promoting the development of essential tracks such as AI and payments.
   • AI Strategy Implementation: Binance’s YZi Labs has invested in multiple Crypto + AI projects (such as Vana, Tensorplex Labs) and plans to integrate BNB/BSC as a payment option into the AI Agent economic model, building an ecological barrier of “tradability × utility.”

3. CZ’s “BNB Faith” and Ecological Support

   • Funding Tilt Strategy:CZ announced that all BNB received in his personal address will be used to purchase BSC ecosystem tokens, directly injecting liquidity into projects and forming a positive cycle of “community - funds - value.”
   • Payment Scenario Expansion: YZi Labs is testing three payment projects based on BNB/BSC, aiming to integrate cryptocurrency into scenarios such as KOL time tokenization and cross-border payments, strengthening BNB’s practical value.

II. Ethereum’s Dilemma and Dawn: Vitalik’s Silence and Technical Persistence

1. Price Downturn and Community Doubts

   • ETH/BTC Exchange Rate Plunges: In March 2025, the ETH/BTC exchange rate fell to 0.022676, the lowest since 2020, with whale selling and retail panic exacerbating market FUD sentiment.
   • Vitalik’s “Deification” Backlash: The community’s shift in calling him from “V God” to “Little V” reflects dissatisfaction with his technical idealism, especially the lack of disruptive innovation after DeFi Summer.

2. Technical Upgrades and ETF’s Potential Redemption

   • Anticipation of Pectra Upgrade: The upcoming Pectra upgrade in April (integrating the execution layer with the consensus layer) will enhance staking flexibility and network performance, paving the way for ETH spot ETFs. Fidelity, Grayscale, and other institutions have submitted relevant applications, which, if approved, could attract billions of dollars in funding.
   • Layer2 Institutionalization Wave: Traditional giants like Sony and Deutsche Bank are building Layer2 on Ethereum, which, though not yet igniting the C-end market, highlight its technological maturity and B-end recognition.

3. Ecological Divergence and Positioning Restructuring

   • Infrastructure Perfection and Innovation Vacuum: Ethereum’s smart contracts and Layer2 infrastructure are nearly complete, but there is a lack of “phenomenal applications.” In contrast, chains like Solana and TON have seized user mindshare with their ecological characteristics.
   • Vitalik’s Long-termism: Despite short-term setbacks, Vitalik remains committed to the original intention of “changing the world with technology,” and his advocacy of decentralized governance and quadratic voting may become the cornerstone of future social experiments.

III. Investment Logic Amid Industry Divergence: A Mix of Frenzy, Risk, and Rationality

1. MEME Frenzy’s Speculative Trap

   • BSC Chain’s “Get-rich-quick Effect”: Cases like CaptainBNB’s 13,000% surge in 6 hours and TST’s market value rising to $41 million have attracted retail investors, but most projects lack value support, and there is a need to be wary of the collapse risk after the heat subsides.
   • Regulatory Sword Hanging Overhead: The U.S. Congress is discussing legislation to restrict “politicians issuing tokens,” and if Trump family tokens (such as TRUMP coin) are targeted, it could trigger a sector-wide collapse.

2. AI Track’s Value Sedimentation Opportunity

   • Binance’s AI Layout: Projects like SIREN, which combine Meme spreadability and AI practicality, may become the value anchor of the BNB Chain ecosystem. Its “gold-scarlet” dual-personality decision-making model meets speculative needs while providing on-chain data analysis tools.
   • Long-term Potential of Technology Integration: Decentralized AI data labeling and on-chain economic models may solve data privacy and incentive issues, but they need to navigate short-term bubbles like the “DeepSeek open-source impact.”

3. Mainstream Public Chain Allocation Strategy

   • BTC’s Safe-haven Attribute:** If the Fed’s rate cut expectations heat up, BTC could hit $100,000, becoming a core allocation for inflation hedging.
   • ETH’s Contrarian Layout Window:** If the Pectra upgrade and ETFs are implemented, the current low valuation may offer a mid-term rebound opportunity, but be wary of the paradox that “infrastructure perfection ≠ demand explosion.”

IV. Future Outlook: Divergence and Restructuring in the Industry Maturity Period

1. Binance Ecosystem’s “Industrial Expansion”

   • CZ and He Yi’s “Traffic - Funds - Listing” Closed Loop: They have turned BNB Chain into a “blockbuster factory” for the Web3 era, but the challenge lies in converting short-term popularity into long-term user retention.

2. Ethereum’s “Technical Faith” Test

   • Vitalik’s Silence Reflects the Industry’s Thirst for “Disruptive Innovation”:** If the Pectra upgrade fails to activate the ecosystem, ETH could further become an “institutional chain,” losing its dominant position in the retail market.

3. Regulation and Market Dynamic Balance

   • SEC’s Accountability for Binance’s Historical Violations: The SEC’s pursuit of historical violations by Binance (such as potential risks for He Yi) and Trump’s policy swings will continue to disturb the market. Investors need to find structural opportunities in the process of compliance.

Conclusion: Seeking Alpha Amid Divergence

The 2025 crypto market is transitioning from “wild growth” to “ecological competition.” Binance’s open card strategy, Ethereum’s technical dormancy, and the speculative frenzy of MEMEs together outline the diverse landscape of the industry’s maturity period. Investors need to abandon the “deification mindset” and dynamically balance between traffic and value, frenzy and rationality, to capture cross-opportunities in technological upgrades, regulatory easing, and ecological expansion. Only in this way can they mine gold in the midst of divergence and emerge victorious in the restructuring.