Seventeen years have passed since the birth of Bitcoin in the cryptocurrency industry, and we are transitioning from a bubble phase to a maturity phase.

The most typical characteristics are:

1. Early participants have completed the accumulation of original wealth.

2. Investors' risk preferences have gradually shifted from high-risk to conservative.

3. Project teams have moved from rapidly raising funds through storytelling to being driven by real demand.

4. Regulatory compliance has become clear, and licensed operations have become mainstream.