Research perspective: Cow City is still in place, Agent is on the rise

The market has had an extraordinary time of shock in the past week: the entire network of clearings surged on January 31st and February 1st$2.5 billion, A BIT ENCRYPTED TO THE 10TH BIG CLEARING EVENT, THE BTC ONCE BROKE 75K AND TOUCHED ON THE COST OF MICRO-STRATEGIES. ALTHOUGH THE MARKET IS FULL OF "ZERO" AND "DEEP BEAR" BY MANY BLOGGERS, IT'S NOT THE END OF THE COW MARKET, BUT THE END OF ITInstitutional leverageandMacro evasiveDeep structural adjustments triggered by resonance。

First of all, the two core players in this round of liquidation: the one is the legendary Tramp’s son’s 10.11 insider whale, which in Hyperliquid was over $700 million in full single-time liquidation, and the cumulative loss since it became operational in October 2025 was over $128 million. The other, Trend Research of Irihua, has been selling additional bonds and surrendering since 2700. These two surrender, the infield lever is almost cleared。

Macro-level drivers

AT THE MACRO LEVEL, THE SUSPENSION OF PARTS OF THE UNITED STATES GOVERNMENT, THE NEGOTIATIONS BETWEEN TRUMP AND IRAN AND THE ENTRY OF RUSSIA INTO A SUBSTANTIAL CEASEFIRE ARE SHORT-TERM DISTURBANCES. BUT THE DEEPER DRIVER IS AGI UNIVERSAL ARTIFICIAL INTELLIGENCE, WHICH WILL PUMP THE USE AI PLATES BACK (NVIDIA, MSFT, GOOG, ETC.). PRECIOUS METAL PLATES PLAY TWO MAIN ROLES IN THE FIGHT AGAINST DOLLAR DECLINE + HEDGE GEOPOLITICAL RISKS. WHEN THESE TWO RISKS ARE LIFTED (PEACE IN RUSSIA, THE DOLLAR IS STABLE FOR A WHILE), THE GOLD AND SILVER WILL NOT COLLAPSE, BUT WILL REMAIN STAGNANT。

OF COURSE, PART OF THE VIEW IS THAT GOLD IS BOUGHT IN LARGE QUANTITIES BY MYSTERIOUS POWERS FOR RMB INTERNATIONALIZED ENDORSEMENT, WHILE SILVER IS BOUGHT IN HIGH-TECH HARDCORE TECHNOLOGY (PV, ELECTRON, AI CHIPS). THIS LOGIC IS RIGID, BUT IT DOES NOT ALTER THE CONCUSSION PATTERN OF PRECIOUS METALS FOR THE SHORT TERM. ENCRYPTED LARGE DISKS BOUND TO THE U.S. STOCK. THE NARRATIVE THAT THE U.S. STOCK CAN BORROW IS AI, THIS TIME AGI IS PARTICULARLY CRITICAL. OTHERWISE, MUCH OF THE MONEY COULD BE WITHDRAWN FROM THE UNITED STATES BACK TO EUROPE, LEAVING THE COUNTRY AT RISK。

Technically, bottom support and application of Agent waves

Then, at the technical level, the most undervalued event of the two days was the official ERC-8004 online. This protocol, designed specifically for “trustless AI representatives”, provides three main modules of chain identity registration, reputation scoring and certification of registration forms. In conjunction with the X402 payment agreement promoted by Coinbase, AI Agent finally achieved “untrusted discovery, seamless payment, autonomous collaboration”。

These two days, Moltbook (OpenClaw/Clawdbot's exclusive social network of AI Agent) drew screens where millions of Agents socialized, posted and even created “religious” (Crustafarianism). The US$CLAW, US$MOLT, US$CLAWNCH etc. Agent theme meme surged more than 10 times in the short term and then retweeted, but the turnover and chain activity were far beyond traditional meme。

Unlike the Shitcoin on the BSC, it's not a wave of speculation, it's the real sign of the Agent era. The new market will be dominated by “technology-driven” rather than “discretion-driven”. The Claw concept block on the Base chain is becoming the Agent landing test field: low cost, high consumption, native Agent tool chain, avoiding the hollow trap of Solana meme. Emotional narratives remain, but tend to be real。

THE RESONANCE OF THE AI CIRCLE WITH THE ENCRYPTION RING

Meanwhile, resonance between traditional AI circles (OpenAI, Anthropic, etc.) and encryption circles is taking place. The proximity of the AGI is flattening the gap between encryption and traditional technology circles over the past two years. The advent of the zero technology threshold means that verticalized market functionality applications are widespread. In the past, the phenomenon of the encryption circle of “bad currency expulsion” will change. Because Agent's emotional response is faster, more widespread, and more resolute. Even with meme, humans can't escape Agent's quantitative edge。

The era of micro-qualification is really coming: Agent can be 24/7 surveillance, micro-trade, automatic arbitrage, social communication. X402 and ERC-804 are no longer narratives, but have entered the era of application of the technological explosion. The Virtuals Protocol, Claw Ecology Project on Base will be the first to benefit from this fall. The Claw concept plates are part of the new race lanes: when the big disc rebounds, they rise with incremental funding; when the big disc falls, they become risk avoidance narrative boards. And that's why meme doesn't die, narratives are always over。

The interlude: Six Gates against the top of the light

Then, in addition to the purge, the most popular Guamope was the CEX in the field, and after her shootings on Fox Business, Binace, the woody sister directly identified the perpetrator of the crime of 10,111 as Binan, causing a scolding of the offline community. OKX founder Star Xu then issued a letter accusing the currency of using USDE 12 per cent high-yield marketing plus zero-wind-control security to recycle magnifying levers to create a chain of explosions “more serious than FTX”. 10.11 The pressured public opinion erupted, followed by a collective outcry throughout the encryption ring, which was described as a six-door siege against the top of the light。

Referring to the year of Reebs, which was dominated by fever friends, hunger marketing screens, and sex-price narratives, the technological trajectories came, the flow dividend receded, and the technical questions that had been suppressed all rebounded。

So is the encryption ring. And it's deeper tied to Agent, and it'll get closer to the water tower when the technical narrative returns。

At the end

on the question of whether to copy the bottom, my point is simple: last time, 80k didn't copy, 98k could shoot the thigh, but 75k might be happy; but, as rivermore said, you have to bet。

Real + long-term possession of technical narrative assets is the correct way to cross the cycle。

This Agent wave is the most determined Alpha opportunity in the last five years。