It must be said that the current structure of the cryptocurrency market has gradually become productized and financialized!

In fact, in the last cycle, various infrastructures in the cryptocurrency industry were already "relatively complete".

In this cycle, VC firms rushed into the primary market of the cryptocurrency sector, repeating many homogeneous projects, focusing on infrastructure projects, or merely optimizing the experience. After high-priced listings, there has been a continuous wave of sell-offs for cashing out, the retail investors (often referred to as '韭菜') have become insufficient, leading to a continued downward trend in altcoins, and VC firms have even been sheared by project parties.

The altcoin sector continues to decline, and the previous logic of cryptocurrency investment is completely unworkable. Since the approval of Bitcoin ETFs and the explosion of meme markets, the cryptocurrency industry has moved towards productization and financialization.

The large-scale ecological technological development of the cryptocurrency market takes time. For example, AI took decades to land on a large scale, new energy only began to be widely popularized in the last ten years, and cloud computing has also been in development for many years. The easiest to land in the cryptocurrency space is definitely financial-related projects. For instance, SOL has captured the speculative nature of users, binding itself to casinos, incubating a batch of casino tools (such as jup, ray, pump, jto, etc.), and establishing its own moat; Bitcoin ETFs have bridged traditional finance, consolidating its identity as a major asset class, along with related financing, staking, stock operations, etc.; payment related to stablecoins, etc.; the likely next big trend is the prosperity of Ethereum's RWA assets, although it probably also requires a long time.

In the future, products and ecosystems in the cryptocurrency space must be useful to have value.

With leading assets like BTC, ETH, and SOL at the core; seeking swing trading opportunities for "gold shovel" tool tokens, such as jup, ray, uni, hype, jto, etc.; focusing on tokens with product moats, such as aave, link, ondo, etc. As for the homogenous new and old infrastructures that VC investments target, such as public chains, L2s, wallets, DeFi, etc., it is advisable to be cautious, as they are likely to continue to decline.

For a long time to come, the money-making opportunities in the cryptocurrency market will be "hell-level". Just hold on to those few projects that have products and ecosystems, enter the market during each major drop, withdraw after a rebound, only take a sip from the vast waters, and do not look left or right, or you will end up with nothing.