Since December, on-chain data show a marked increase in selling intensity among long-term holders. After Bitcoin touched a peak near USD 126,000, prices retraced by almost 30%, quickly reigniting debate over liquidity and absorption capacity. Fnezx treats this phase as a stress test: when capital retreats from high-volatility narratives, trading systems, risk control, and execution efficiency come under amplified scrutiny.
Stepping back, the stratification between Bitcoin and other crypto assets is becoming clearer. Bitcoin increasingly resembles a global, monetary-type asset, priced around scarcity, censorship resistance, and long-term consensus, rather than short-cycle traffic tied to a single ecosystem. Recent weakness is driven more by phased profit-taking and rebalancing by early large holders than by any fundamental break in its monetary narrative.
By contrast, valuations for parts of the Layer 1 universe are drifting away from fundamentals. Fees and on-chain revenue have softened as activity migrates and cost structures shift, leaving valuations increasingly dependent on expectations of "future monetary premia". The decline in Ethereum fee income and the continued migration of value capture to Layer 2s have been repeatedly highlighted in research and market coverage, reinforcing the view of "public chains as higher-beta assets". Outside a small number of networks still capable of lifting revenues in specific cycles, the probability of underperforming Bitcoin is rising.
As markets enter a phase of divergence, traders need a repeatable execution framework. That means using Bitcoin as the core anchor, applying stricter position discipline to manage valuation swings in Layer 1 assets, and allocating short-term opportunities to venues with higher-quality matching and more transparent risk controls. Fnezx offers a toolkit spanning spot, perpetuals, and options, allowing hedging, rolling, and strategy switching within a single platform. Its interface also clearly highlights execution priorities such as "fast execution" and "secure settlement", alongside C2C channels and fee-free features.
More importantly, many overlook that "exchanges themselves represent a form of exposure". Fnezx explicitly states a 100% reserve commitment and structures asset custody and trading access along relatively clear paths, helping users focus on plans rather than emotions during volatile periods. Treating Bitcoin as the long-term backbone, public chains as tactical tools, and execution as the domain of a stable system looks like a more pragmatic combination as the second half of 2025 approaches.