After several months of speculation by major institutions on stablecoins, the Alpha sector has recently become a safe haven for funds.
A key signal is that funds have not massively returned to USDT, but instead flowed into Alpha and other segments with stronger narratives. This indicates that the market is not "bearish," but rather "not wanting to bet on direction."
$FHE, $MILK, $SSS, and $BAS have all surged over 50% in the past few days, with FHE almost doubling.
The underlying logic is also stimulated by news—Mind Network announced the introduction of 'FHE' into the Solana AI agent ecosystem and partnered with Pippin, directly injecting 1% of Pippin's total supply into the FHE project wallet as long-term ecological and community incentives. This essentially sends a signal to the market: funds are no longer for short-term speculation, but are intended for ecological binding.
During the hesitation period of the market, funds prefer targets that have "clear logic, limited capacity, and can quickly generate positive feedback."
The projects that can still emerge are definitely those with IP, on-chain interaction, and cross-narrative capabilities.
