# Killer App Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Killer App", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Tiger Research: The Next Bull Market, Waiting for the Wind

Tiger Research analyzes whether the crypto market is currently in a "crypto winter" and outlines the conditions for the next bull run. Unlike previous bear markets triggered by internal crises (Mt. Gox hack, ICO crackdown, FTX collapse), the current downturn is driven by external factors like macro policies and tariffs, while internal fundamentals remain intact. The market has structurally split into three layers: a regulated sector (stable, institutional), an unregulated sector (speculative, experimental), and shared infrastructure (e.g., stablecoins, oracles). ETF inflows remain confined to Bitcoin and do not trickle down to altcoins. The next bull market requires: 1) a "killer app" emerging from the unregulated sector (e.g., AI agents, InfoFi), and 2) favorable macro conditions like liquidity injections. The era of broad-based rallies is over; growth will be segmented between regulated stability and unregulated volatility.

比推02/04 19:22

Tiger Research: The Next Bull Market, Waiting for the Wind

比推02/04 19:22

Tiger Research: How Is This Crypto Winter Different?

Tiger Research analyzes the distinct nature of the current crypto market downturn, arguing it differs fundamentally from past "crypto winters." Previous cycles were triggered by internal industry crises—the Mt. Gox hack, ICO scams, and the FTX collapse—which shattered trust and drove talent away. In contrast, the recent market movement is driven by external factors: the approval of Bitcoin ETFs fueled the bull run, while tariff policies and interest rate shifts caused the decline. Post-regulation, the market has fragmented into three layers: a compliant zone (e.g., tokenized RWA, regulated exchanges), a non-compliant zone (speculative, experimental apps), and shared infrastructure (e.g., stablecoins, oracles). Capital no longer flows between these layers as before; ETF inflows remain largely confined to Bitcoin within the compliant zone and do not trickle down to altcoins. For the next bull market to emerge, two conditions are necessary: a new killer application must originate from the non-compliant zone (similar to how DeFi summer began), and the macro environment must become supportive (e.g., with lower interest rates). The era of a unified "crypto season" where all assets rally together is likely over due to this market segmentation.

marsbit02/04 10:15

Tiger Research: How Is This Crypto Winter Different?

marsbit02/04 10:15

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