Wow, the $MERL has been listed on Bithumb with a Korean Won trading pair, and it directly pumped over 20% in just 15 minutes.

The bottom logic I just wrote yesterday was indeed picked up by the market today, which is quite interesting.

From a timing perspective, it seems that Korean funds have started to position themselves.

Once the BTCfi narrative is picked up by Korean players, the subsequent trend may be faster than expected.

The focus of this wave of pump is not the key; the key is:

Bithumb is a locally compliant CEX in South Korea, and the launch of the metatransaction pairs makes it easier for funds to flow in and out, and the narrative spreads more easily;

The BTCfi sector is gradually rotating, and Merlin is an inevitable part of it.

Individuals still remain optimistic about the subsequent main line extension:

BTC Yield → BTC Smart Strategy → BTC Liquidity Asset Network.

Merlin is the earliest project to start laying out on this chain and currently has the most complete implementation.

Today's rise is just a confirmation of logic, not the end. The real acceleration should still be ahead.