Ansem: This cycle is closer to the 2020-2021 DeFi expansion, with stablecoins and tokenized stocks potentially becoming new growth verticals.

Crypto trader Ansem stated that he believes making direct one-to-one comparisons of this crypto cycle with those in 2020, 2023, or 2024 holds limited value. The closest current reference is the 2020–2021 DeFi expansion, when a completely new vertical emerged and brought billions of dollars in capital on-chain. Ansem believes that during this cycle, stablecoins—particularly tokenized stocks—are unlocking another new market while simultaneously attracting retail, institutions, and developers. This new vertical will bring fresh capital flows, new products, and significant speculative activity, which forms the primary framework for his observation and assessment of the current cycle.