Opinion: The structural bull market remains intact, with three major positive factors driving the next rally

According to ChainCatcher, citing CoinDesk, Galaxy Digital Head of Research Alex Thorn believes that the current structural bull market remains intact for both cryptocurrencies and the stock market. He pointed out that the three driving forces for the next phase of growth are artificial intelligence capital expenditure, stablecoins, and tokenization.

The first is artificial intelligence capital expenditure. Thorn defines the current wave as a cycle of real economy capital expenditure led by well-funded existing enterprises (hyperscale companies, chip manufacturers, and data center operators), reinforced by strong policy support from the United States, rather than a mere speculative replay of the internet bubble. He believes that corporate budgets and government stances indicate there is still a long way to go in the future.

The second is stablecoins. As payment channels improve, participation increases, liquidity strengthens, and more activities are anchored on public blockchains, dollar-pegged tokens will continue to attract attention. Even during periods of price volatility, these can support the ecosystem.

The third is tokenization. Thorn stated that the migration of real-world assets and parts of traditional market infrastructure onto the blockchain is shifting from pilot projects to implementation, creating new demand for block space as well as for the core assets used to secure, route, and settle these activities. He noted that this transition benefits platforms linked to such liquidity.

Against this backdrop, despite ongoing doubts about the prudence of fiscal and monetary policy, Thorn remains optimistic about bitcoin's status as "digital gold." He also believes that major currencies such as ETH and SOL, which are associated with stablecoin usage and tokenization, will face favorable conditions, even if short-term rebounds may fall below previous highs.