Crypto analyst Miles Deutscher has outlined what he calls the “obvious winners” heading into the final quarter (Q4) of 2025.

Deutscher argued that three distinct narratives, stablecoins, decentralized exchanges (DEXs), and artificial intelligence (AI), are positioned to outperform, warning that traders who ignore them may face “a very tough time.”

Stablecoin Plays: XPL ($0.30) Leads the Charge

Deutscher highlights stablecoins as the first sector, a market he describes as entering a “parabolic” growth phase.

Global stablecoin supply has surged past $297 billion, and expectations are that it will eventually cross the $1 trillion mark as adoption spreads to institutions and even sovereign actors.

Total Stablecoins Market Cap. Source: DefiLlama

Against this backdrop, Deutscher singled out XPL (Plasma) as his highest-conviction play. Backed by Tether’s founder and boasting low fees for stablecoin transfers, XPL is attracting both speculative capital and real usage.

“XPL is the closest thing to investing in Tether pre-IPO,” Deutscher stated in a recent video.

He also pointed to Ethena (ENA ($0.39)), whose USDE ($1.00) growth remains strong despite recent sell-offs, and Clearpool (CPOOL), which partners with Plasma to offer stablecoin yield products.

Deutscher argues that these projects represent the strongest on-ramps into the most profitable corner of the crypto market.

DEX Narrative: Governance and Farming

The second narrative centers on decentralized exchanges, particularly perpetual DEXs that have dominated market discussions throughout 2025.

While acknowledging that the trade looks “saturated in the short term,” Deutscher remains confident in two approaches:

• Longing governance tokens

He noted Apex as the more attractive risk-reward play than Automata (ATA), citing Bybit exchange’s backing and ongoing buyback programs as bullish catalysts.

• Farming incentives

Beyond holding tokens, Deutscher sees lucrative opportunities in farming rewards across platforms like Lighter, Osteium, and Paradex, where points and crypto airdrops could rival the gains seen in earlier sector rotations.

“Even if token valuations look stretched, the farming opportunities in this space are still huge,” he said.

AI Momentum: From Hype to Revenue

Finally, Deutscher articulated that AI tokens are the third pillar of his thesis, framing the sector as a bridge between crypto and traditional finance (TradFi).

With Nvidia and other AI-linked stocks fueling equity rallies, crypto analogs could benefit from renewed speculative flows.

His top watchlist includes Aethir (ATH ($0.03)), which recently announced a $344 million digital asset treasury to back GPU infrastructure.

According to Deutscher, this move by Predictive Oncology positions Aethir as a rare crypto-native proxy for enterprise-level compute demand.

He also mentioned Cookie DAO (COOKIE) as a “pick-and-shovel” play that facilitates analytics and campaigns across the AI sector.

Although some AI projects remain under pressure, Deutscher argued that the sector’s fundamentals make it unavoidable for Q4 positioning.

“…rising revenue streams, strong TradFi interest, and favorable long-term trends in GPUs and robotics,” Deutscher highlighted the fundamentals.

Deutscher stressed that while Bitcoin’s structure remains in flux, altcoin opportunities will be shaped by narrative rotations rather than broad market drift.

“The cycles are moving fast. You need to know where capital is flowing,” he concluded.

In his opinion, that flow appears increasingly destined for stablecoins, DEX ecosystems, and AI-driven tokens in Q4.

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