I've been thinking about how the crypto market will move next. To be honest, I believe this round of changes will be particularly significant.

First, the compliance threshold is no longer surmountable. The era of wild growth is essentially over, and in the next five years, institutional participation will become the norm. This not only changes who is leading the market but also fundamentally reconstructs the valuation logic. Projects that rely solely on hype will find it increasingly difficult to survive.

Another major opportunity lies in the integration of RWA and technological infrastructure. I am optimistic about deep integration between on-chain and off-chain systems. Using DeFi for SME financing and cross-border payments is the real incremental market. Coupled with AI and blockchain, the new field of agency finance will gradually mature. Large-scale commercial use is no longer just a dream.

The last point is the full realization of the Matthew Effect. Mergers and acquisitions of leading projects will accelerate, with the Ethereum ecosystem continuing to lead. Those small and medium projects without actual cash flow or real use cases? Accelerated clearing is highly likely. In this reshuffle, serious players will make money, while speculators will be swept out.