In recent years, those involved in crypto have witnessed too much: from the madness of DeFi, the explosion of NFTs, to the collapse of Luna, the FTX debacle, and then the approval of Bitcoin ETFs, the return of institutions, and so on. It has been like a dream, rapidly expanding and then quickly deflating.
Today, standing at the point of 2025, the crypto world has quietly undergone a qualitative change: it is no longer the 'wild gold rush' of yesteryear, but more like a trial gradually compromising and integrating with the mainstream.
Retail investors are retreating, institutions are stepping in, and the crypto world is reconstructing its power structure.
The current crypto world is transitioning from a 'retail-led casino' to an 'institution-led capital market.'
You will now find that a single piece of news that used to cause the value of coins to skyrocket or plummet now elicits a more 'rational' market response. You will also notice that exchanges are becoming more regulated, starting to comply, undergo audits, and issue licenses, while the savage era of simply making a quick profit and running away is fading. Furthermore, and more importantly, those who truly hold the steering wheel are no longer the shouting experts on Telegram, but rather asset managers in suits and policymakers.
What does this transition mean? It means that the gaming space for retail investors is becoming smaller, and cognitive and systematic abilities are the new passport to the world.
Bitcoin is no longer a 'speculative coin,' but a 'political symbol.'
In the past, we regarded BTC as a 'speculative tool,' but now it is gradually evolving into an expression of sovereignty in the digital age.
The United States has incorporated Bitcoin into its strategic reserves, and the government has publicly stated that it wants to 'protect Bitcoin.' This is a geopolitical signal.
Some countries around the world are trying to use BTC to counter the dollar's hegemony, highlighting its financial sovereignty attributes.
Although China restricts crypto trading, it is promoting underlying blockchain technology. The game between cryptocurrencies and policies is no longer black and white, but rather a gray game.
So when we look at BTC now, we should not only focus on whether it has risen or fallen, but rather on which force is speaking behind it.
Real opportunities are never found in the heat of the moment, but rather in calmness and patience.
In the current crypto world, the heat is gone, traffic is receding, and many say 'the crypto world is ending.' However, my insight is that the quieter it gets, the more it is a time worth thinking and planning for.
Many people who truly made money quietly laid out plans and researched projects and filtered some pathways during the bear market.
In communities that have fallen apart, what remains are a few who understand the market better.
Truly valuable on-chain projects, such as DePIN (Decentralized Infrastructure), RWA (Real World Assets on-chain), on-chain AI, etc., are steadily advancing.
The more we are in such a phase, the more we should focus not on chasing highs and cutting losses, but on calming down to refine our cognition, strategies, and systems.
Participation is possible, but please do not view the entire crypto world with a speculative mindset.
If you are still in the crypto world, whether it's contracts, spot trading, or on-chain, be sure to establish your own 'trading underlying logic.' Understand whether you are doing 'asset allocation' or 'speculative gaming,' and also understand that you are not buying 'coin names,' but rather the industrial logic or narrative value they represent. More importantly, understand that the crypto world is not a wealth-making machine, but a high-volatility, high-risk experimental field.
The rules of the entire market are changing, and the pace is accelerating. The only thing you can do is keep up with the rhythm, reject illusions, and arm yourself with systems and cognition.
The crypto world does not lack opportunities, but opportunities are increasingly reserved for a select few. It is not that opportunities have disappeared, but rather that the era of making money based on emotions has ended.
If you are still in this damned market, do not ask when the bull market will come, but rather ask yourself if you have the ability to navigate through bull and bear markets.
If you find resonance in this article, feel free to like, comment, and follow me. I will continue to share some of the cognitive frameworks, operational strategies, and situational judgments I have accumulated in the crypto world over the years, hoping to help you see further and walk more steadily!
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