With the widespread adoption of stablecoins, exchanges like Binance/Coinbase should gradually phase out ALTs/BTC trading pairs, as their trading volumes have already declined significantly. With the rise of application Dapps, the correlation with BTC volatility should be reduced. After all, the U.S. stock market doesn’t use gold to buy and sell stocks or measure stock prices. (Although BTC volatility does indeed determine the revenue of many Dapps.) The key point is that revenue at the application layer is growing rapidly. It’s time to differentiate based on the profitability of individual projects and move toward a structured market HYPE PUMP.