Merlin Chain is redefining the way Bitcoin is used. Once questioned, BTCfi is now becoming one of the most promising applications for Bitcoin, and Merlin Chain is one of the core projects that has been at the forefront of this narrative. Starting with high-yield staking, and now with its 2.0 roadmap, Merlin has clearly outlined three main paths: Hold BTC to earn on-chain rewards; BTC can participate in meme and other trending assets across chains; Ultimately, funds can return to BTC, forming a complete closed loop. Rather than saying Merlin is telling a story, it is more accurate to say it is advancing the real application of BTC. Even if $MERL pulls back to a market cap of less than 100 million, its products and ecosystem are still steadily expanding. As the BTC narrative returns to the mainstream, Merlin may become an important entry point for applications. In the short term, MERL shows clear bullish momentum and capital involvement; after breaking through the $0.126 area and confirming support, it will provide a good opportunity for trend-following operations; If accompanied by trading volume, it is advisable to choose the right time to enter and lock in the pullback space. In terms of segment layout, it is worth paying long-term attention to its linkage potential with the Bitcoin narrative.