In these years, those who play with cryptocurrencies know that the market has gone through so much, from the madness of DeFi, the explosion of NFTs, to the collapse of Luna, the FTX disaster, and then the approval of Bitcoin ETFs and the return of institutions, all of it feels like a dream, with rapid expansion followed by quick deflation.
Today, standing at the 2025 node, the cryptocurrency world has quietly undergone a qualitative change: it is no longer the 'wild gold rush' of the past, but more like a trial gradually compromising and integrating into the mainstream.
1. Retail investors are retreating, institutions are stepping in, and the cryptocurrency market is reconstructing its power structure.
The current cryptocurrency market is transitioning from a 'retail-led casino' to an 'institution-led capital market'.
You will now find that previously, a single news story could cause the value of coins to soar or plummet, but the market's reaction has become more 'rational'. You will also find that exchanges are becoming more regulated, starting to comply, audit, and issue licenses, and the once barbaric era of cashing out after a wave is retreating. Moreover, and importantly, those who truly hold the steering wheel are no longer the shouting experts on Telegram, but rather the suit-clad asset managers and national policy makers.
What does this transition mean? It means that the gaming space for retail investors is becoming smaller and that cognition and systematic ability are the new passports to the world.
2. Bitcoin is no longer a 'speculative coin', but a 'political symbol'
In the past, we treated BTC as a 'speculative tool', but now it is gradually evolving into an expression of sovereignty in the digital age.
Beautiful America has included Bitcoin in its strategic reserves, and the Trump administration has publicly stated that it wants to 'protect Bitcoin'; this is a signal of geopolitical significance.
Some countries in the world are trying to use BTC to counteract the dollar hegemony, highlighting its financial sovereignty attributes.
Although China restricts cryptocurrency trading, it is promoting the underlying blockchain technology. The game between cryptocurrencies and policies is no longer black and white, but a gray game.
So when we look at BTC now, we should not just see whether it has risen or fallen, but rather what power it represents behind it.
3. The real opportunities are never found in the heat but in calmness and patience
In today's cryptocurrency market, the heat is gone, and the flow is receding. Many people say 'the cryptocurrency market is finished'. However, my insight is that the more no one is speaking, the more it is a time worth thinking and planning.
Many of the truly profitable people quietly laid out and researched projects during the bear market and selected some tracks.
Those communities that have collapsed have left behind only a minority that understands 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 not chase after rises and falls, but rather calm down and refine our understanding, strategy, and system.
4. Participation is fine, but please do not view the entire cryptocurrency market with a speculative mindset.
If you are still in the cryptocurrency market, whether in contracts, spot trading, or on-chain, you must establish your own 'trading underlying logic'. Understand whether you are doing 'asset allocation' or 'speculative gaming', and also understand that what you are buying is not just a 'coin name', but the underlying industrial logic or narrative value it represents. Furthermore, understand that the cryptocurrency market is not a machine for getting rich quickly, but a high-volatility, high-risk experimental field.
The rules of the entire market are changing, and the speed is increasing. The only thing you can do is keep up with the rhythm, refuse illusions, and arm yourself with systems and cognition.
The cryptocurrency market is not devoid of opportunities, but opportunities are increasingly reserved for a minority. It's not that opportunities have disappeared, but that the era of making money through emotions has ended.
If you are still in this damn market, stop asking when the bull market will come, and instead ask yourself, do I have the ability to navigate through bull and bear markets?