Do you remember the old days of the cryptocurrency Twitter circle? Back then, the market was like an uncontrollable roller coaster, with narratives flipping as fast as flipping pancakes, and every week was filled with Hollywood blockbuster-like tension and excitement—Bitcoin's 20% surge in a single day, the extreme plot of 'wealth in the morning, bankruptcy in the afternoon,' were all commonplace. But now, this fervor seems to have completely disappeared. Why has the cryptocurrency market become so 'boring'?
Cryptocurrency analyst Nic Carter provided a response that made people 'smile with tears' in a post on platform X: the current boredom is precisely because the industry has 'won.' Looking back at the development of the cryptocurrency industry, from the collapse of major exchanges, bans in Eastern markets, to a single tweet from Elon Musk stirring the market, and the black swan of COVID-19 attacking the market, it has encountered countless pitfalls and challenges, even facing existential doubts at times—such as whether stablecoins would be banned, or whether writing smart contracts is considered illegal. No one knows if tomorrow's rules will suddenly change.
Now, these pending issues are gradually being resolved. (The stablecoin regulation bill) clarifies the compliance boundaries of stablecoins, and (the clear classification of crypto assets bill) delineates the line between securities and non-securities. The extreme volatility that arose from the 'regulatory vacuum' has naturally diminished. Even former 'opponents' are beginning to turn: JPMorgan CEO Jamie Dimon once lambasted Bitcoin as a 'scam' and threatened to fire employees involved in crypto trading; today, this largest global bank is not only hoarding stablecoins but also allowing clients to use Bitcoin and Ethereum as loan collateral, and has even launched its own blockchain infrastructure.
The deep involvement of traditional finance has transformed the crypto industry from a 'hot topic of risk premium' into 'everyday business.' When 'holding U.S. Treasury bonds on-chain' becomes a routine operation, and the cryptocurrency ETF launched by BlackRock no longer sparks controversy, crypto assets are no longer 'niche speculative products' but have instead become the 'technical foundation layer' recognized by global giants. Wall Street is no longer a bystander but has directly taken control of the discourse, using rigorous compliance processes, real capital sizes, and a complete custody system to end the past 'wild west' approach that was 'chaos-driven and rewarded speculators.'
This kind of 'boredom' has left many feeling lost. Bitcoin analyst Will Clemente mentioned: 'The atmosphere in the crypto chat group I’m in is too oppressive; many have either completely given up and turned to other asset classes or are preparing to do so.' However, he does not lament this — in his view, clear regulations, Wall Street's entry, and this 'boring stability' are all proof that cryptocurrency has 'won.'
The former crypto industry was a 'carnival of tech risk'; today, it has become a 'track for creating value in the sunlight.' The new rules of the game are no longer about 'exploiting legal loopholes' but about 'creating truly useful products.' Compliance teams, pension allocators, and prudent bankers are replacing the 'outlaws' of the past. All of this has indeed made the market less stimulating, but it also means the industry is truly maturing. Occasionally, there will still be those who miss the old days filled with fervor and uncertainty — the development history of cryptocurrency always feels familiar, like a calm after a lively event, both solid and tinged with a sense of loss.
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