Many people overlook a coin that is quietly gaining momentum, and those who have gone long are already making a fortune; it is $MERL. In the past year, BTCfi has gone from being questioned to being redefined, and Merlin has always been present. When Merlin first emerged, it injected liquidity into Bitcoin through staking, and this round has turned BTCfi's dreams into reality, demonstrating strong vitality. As one of the earliest projects to promote the BTCfi narrative, Merlin's evolution path is clear: from early BTC staking for yield to the current 2.0 roadmap with three main lines—BTC holdings yield, BTC cross-chain participation in hot assets, and ultimately capital flowing back to BTC, forming a closed loop. This is not just a single function optimization but is building a complete asset utilization system around BTC. Currently, the market cap of $MERL is less than 100 million, with sufficient correction, and a bottom structure has emerged, while the narrative is starting to refocus on "the real use cases of BTC." Compared to most BTCfi projects still in the PPT stage, Merlin already has a complete product and actual operational ecological projects (Solv, Bedrock, Babylon, etc.). From a trading perspective, recently MERL broke through $0.126 with increased volume and confirmed support on a pullback, combined with the continuation of bullish sentiment in BTC, there are short-term opportunities for trend-following trades. From a medium-term perspective, if BTC's market cap expands to 10 trillion, the demand for BTCfi as an asset appreciation vehicle will be amplified. And Merlin may be the player that achieves a product closed loop the earliest in this growth. A coin that has been tested by the market, experiencing a low point and then blooming again, is rare compared to the thousands of stagnant altcoins. It's like the early collapse of Sui, which trapped many people upon launch, but then climbed steadily through its own TVL, creating an independent market. Merlin is also such a coin that will bring more possibilities in the future.