Space Review | Three Major Engines Driving the New Bull Market Cycle, How Does TRON Define the Survival Rules of the "Infrastructure Faction"?

As we reach the halfway point of 2025, the crypto market stands at a critical juncture where uncertainty and opportunity intertwine. On June 10 at 8 PM, the #SunFlash roundtable opened a deep dialogue in X Space with the theme "Is a storm coming or is it a buildup of strength? What is the future of the crypto market?" This session gathered several senior industry KOLs to directly address core market anxieties, exploring the survival logic of mainstream coins and new narratives, clarifying rational paths for investors amidst the fog.

The crypto market in 2025 is clouded with complexities, presenting a dual game. First, Bitcoin (BTC) repeatedly challenges the $110,000 mark, with institutional funds continuously flowing in through ETFs, and trading volumes hitting new highs. This should be a strong signal of a bull market, yet it is shrouded in heavy doubts against the backdrop of geopolitical tensions and fluctuating global inflation expectations. Meanwhile, new narrative waves such as AI, Meme, and RWA are sweeping in, further intensifying market differentiation.

In this context, the differentiated survival logic of mainstream coins and the prosperity of their respective ecosystems are becoming key dimensions for judging the true health of the market. This article will focus on the core insights from the roundtable, outlining the subsequent market trends and the core strategic positioning and development momentum of the TRON ecosystem during this industry inflection point.

I. BTC Breaks $110,000: Three Engines Driving the New Bull Market Cycle

In June 2025, BTC forcefully broke through the $110,000 threshold, and the market faced a crucial decision amidst the noise—whether this rise is the starting point of a new bull market or the tail end of a bubble. Guests in this Space reached a consensus based on on-chain data and historical patterns: the accumulation by institutions and whales, the halving cycle of BTC, and the influx of compliant funds through BTC spot ETFs are three solid pieces of evidence confirming that the crypto market is entering a new growth cycle.

• Institutions Hoarding Dominates Market Landscape

Digger Xiaowu observed deep changes from on-chain data, stating: "Institutions are becoming the cornerstone of the market—they do not create noise but accumulate power in the dark. On-chain data reveals that institutions are accelerating their layouts, and whales are continuously accumulating, indicating that confidence in BTC's long-term value remains unshaken." Additionally, data provided by Wang Feng Anc corroborates this trend: since November 2024, the number of addresses holding over 1,000 BTC has been increasing. The role of institutions and whale users as "cornerstones" supports BTC in reaching a new peak.

• Halving Cycle Points to Historical Highs

"Macroeconomic disturbances are merely ripples; the halving cycle is the tide that drives prices." Mr. Bai pointed out based on BTC's historical cycle data that the pattern of BTC reaching its peak about 518 days after halving has remained valid for a decade. He added: "Based on the halving date in April 2024, BTC is expected to form a cycle peak between August and December this year, targeting $150,000."

• Fundamental Market Structure Changes

The approval of the BTC spot ETF is changing the player structure. Mr. Bird pointed out: "This is no longer a retail frenzy; after the BTC spot ETF approval, BlackRock and others are frantically absorbing liquidity, and the regular army is rewriting the bull market script." He emphasized: "This shift means the market will transition from being driven by emotions to being led by compliant funds."

II. Altcoin Market Differentiation: The Value Reassessment Logic of TRON

Against the backdrop of increasing industry attention, several KOLs predict that funds may gradually spill over into the altcoin market, but they unanimously emphasize that the phenomenon of "all coins rising" is unlikely to be replicated; only a few protocols with technological barriers, real revenue, and user stickiness can attract capital inflows.

• Structural Opportunities Amid Market Differentiation

Crypto Dashan keenly pointed out the structural changes in the current altcoin market during the Space: "This round of altcoin volatility is severe and trending downward, with market sentiment becoming the dominant factor." He observed that only a few projects like TRON, which are technically solid and have real application scenarios, can achieve independent trends amidst BTC's dominance.

• Investment Strategy Reconstruction: From Hype Chasing to Value Hunting

Facing the core question of "how to discover undervalued projects," Mr. Bird proposed a cognitive shift: "Altcoin investment must abandon the past thinking of 'sector rotation betting on rises' and shift towards 'solid infrastructure' potential projects." Crypto Dashan further supplemented the selection criteria: Technology is the foundation for survival, actual application scenarios determine the sustainability of demand, protocol revenue capacity validates business logic, and user activity reflects ecological vitality. Only those 'builders' who meet these four criteria have the potential for reassessment.

The TRON ecosystem is an excellent example of this concept:

1. Developer-Friendly Architecture: TRON, relying on its high throughput performance of 2500 TPS and nearly zero friction costs, has built a global inclusive financial infrastructure. Through a fully EVM-compatible virtual machine architecture, it supports Solidity developers in seamlessly migrating smart contracts.

2. Rigid Application Scenarios: TRON has constructed a global financial application matrix through a three-tier architecture of stablecoin payment networks, DeFi liquidity engines, and Meme economic infrastructure. As of June 2025, its core ecological data has achieved multiple breakthroughs: TRC-20 USDT circulation accounts for 51% of the global total; JustLendDAO's TVL exceeds $6.4 billion, firmly holding the top position in the lending market; DeFi protocol JUST's TVL surpasses $9.7 billion; the decentralized trading platform Sun.io's TVL reaches $740 million; over 98,000 tokens have been created on the Meme coin fair issuance platform SunPump; and the cross-chain protocol BTTC network has processed over 290 million transactions, with the total number of smart contracts deployed exceeding 7.6 million.

3. Protocol Revenue Capacity: In May, TRON's total protocol revenue exceeded $343 million, setting a historical high, with an average daily income of $11 million.

4. User Retention Barriers: TRON's DeFi TVL exceeds $5 billion (ranking fifth across all chains), with 2.48 million active addresses in 24 hours.

III. TRON's Solution for the Meme Sector: How SunPump Reshapes Structural Opportunities

In the Space roundtable, Mr. Bai first pointed out the ecological engine role of Meme coins: "Meme is the core catalyst of the bull market and also the thermometer of market sentiment. Whether it was the 'zoo carnival' led by Dogecoin (DOGE) in 2021 or the new cycle in 2024, Meme has always been the entry point for incremental funds." Mr. Bird further deconstructed its deep value chain: "Meme builds the lowest threshold entry for the crypto world; newcomers may complete their first on-chain interaction through Doge meme tokens, ultimately becoming long-term holders of Bitcoin." This 'entertainment entry - on-chain practice - value accumulation' conversion funnel will convert outside observers into participants in the crypto market in bulk.

When the market validates the commercial value of emotional consensus, mainstream public chains are building Meme economic closed loops. Among them, SunPump has performed a textbook-level case in the TRON ecosystem. First, SunPump, with its "one-click token issuance" AI Agent and "tweet-to-token" AI tool SunGenX, has lowered the barrier for creating Meme to the extreme, attracting users to create over 98,000 tokens and driving SunPump to achieve an income of 37 million TRX.

With the influx of traffic, SunPump has promoted the prosperity of the entire TRON ecosystem. The trading volume of SUN.io significantly increased after the launch of SunPump, and other DeFi projects like SunSwap and JustLend also experienced growth due to the traffic benefits brought by SunPump. After the launch of the SunPump platform, the DEX activity of TRON reached its highest level since 2022.

SunPump has become a converter connecting incremental users with underlying facilities. This precisely proves Mr. Bird's point: High-quality Meme protocols can feed back into the fundamentals of public chains, rather than the traditional understanding of a "vampire effect."

IV. Conclusion

As BTC rushes toward the next peak, the crypto market is transitioning from noise to deep restructuring. TRON demonstrates ecological resilience in this transformation, building a "viable crypto financial closed loop" with stablecoins as the foundation, Meme as the traffic source, and internal ecological circulation as the driving force. The "infrastructure faction" represented by TRON is constructing the foundation of digital finance with a more cost-effective, efficient, and widely covered ecological network. When technology returns to its service essence, the market will naturally crown value with real gold and silver.