The current cryptocurrency world stands at the crossroads of old and new. Looking back over the past few years, from the fervor of DeFi, the explosion of NFTs, to the collapse of Luna and the shock from FTX, and now the approval of Bitcoin ETFs and the gradual entrance of institutions, each scene plays out like a fast-forwarded movie, showcasing both the madness of rapid expansion and the coldness of quick withdrawal, surreal and dreamlike.
In today's cryptocurrency world, the power dynamics are quietly being restructured. In the past, a single piece of news could send cryptocurrency prices on a rollercoaster ride, showcasing the emotional volatility of the market; however, now the market's reactions are gradually returning to 'rationality', no longer easily swayed by singular news. Exchanges are also undergoing profound changes, with compliance becoming the mainstream direction, actively accepting audits and applying for licenses. The era of 'making a quick profit and running away' is gradually fading. More critically, the people who hold the steering wheel of the cryptocurrency world have changed — it is no longer the trading gods who call the shots on Telegram, but rather asset managers in suits and decision-makers with policymaking power. Behind this transformation is the continuous compression of retail investors' space for maneuvering; in order to establish a foothold in the new world, understanding and systematic capabilities are the true passports.
The role of Bitcoin is also quietly shifting, gradually transforming from a mere 'speculative coin' into a type of 'political symbol.' In the past, people viewed BTC more as a speculative tool, closely monitoring its price fluctuations; now, it is slowly evolving into a carrier of sovereign expression in the digital age. Although China restricts cryptocurrency trading, it is vigorously promoting the research and development of underlying blockchain technology. The interplay between cryptocurrencies and policy is no longer a simple black-and-white opposition but a nuanced struggle filled with gray areas. Therefore, when viewing BTC, one cannot focus solely on price movements; it is also essential to understand the voices and struggles of the different forces behind it.
In the trend of retail investors retreating and institutions stepping in, many feel that the cryptocurrency world is no longer hot, traffic is receding, and some even bluntly say 'the cryptocurrency world is finished.' However, in reality, true opportunities have never existed in the noise of hype but are hidden within calmness and patience. During the bear market, many have already settled down to layout their research, and those truly valuable on-chain projects, such as DePIN (Decentralized Infrastructure), RWA (Real-World Assets on Chain), on-chain AI, etc., are steadily advancing.
Currently, the cryptocurrency world has not yet fully reached the end of its bubble, yet the restructuring of order is already underway. It is no longer a paradise where retail investors can pursue profits at will, nor is it a purely speculative arena; it is a complex field that requires deeper understanding, systematic capabilities, and is deeply intertwined with policy and institutional power. In this new stage, only by maintaining calmness and patience, and clearly seeing the underlying logic and trends, can one find their own opportunities amidst the changes.
