The cryptocurrency industry has transitioned from the birth of Bitcoin 17 years ago to today, moving from a bubble phase to a maturity phase.
The most typical characteristics are:
1. Early participants have completed their initial wealth accumulation.
2. Investors' risk appetite has gradually shifted from high-risk to conservative.
3. Project teams have moved from quickly raising money through storytelling to being driven by real demand.
4. Regulatory compliance has become clearer, and licensed operations have become mainstream.
