Many people say that Bitcoin has long-term correlation with gold and stocks, but this is actually a common misconception. Whether looking at long-term or short-term cycles, Bitcoin as an emerging asset has never shown a historical trend overlapping with traditional assets. Sometimes the K-line of major A-shares and Bitcoin appear to coincide, but that's just a coincidence. Emerging assets have their own independent curves, which is a normal phenomenon.

Honestly, the current asset structure of cryptocurrencies is at a historic low. The market doesn't need to be overly pessimistic; on the contrary, veteran players in the crypto space are accelerating structural adjustments.

From the data, the situation is quite interesting—top exchanges have experienced a halving over the past three years, and this trend is expected to deepen. Just as mining farms underwent similar structural optimization back then, now it's the turn of trading service providers. Especially after the industry black swan event in October, many liquidity providers have started cross-platform collaborations to jointly supply liquidity to the market. Coupled with a compliant platform connecting Wall Street funds and US policy support, and the expansion of super apps, leading exchanges are facing structural adjustments. For them, doing fewer things that annoy the market will be far more effective than constantly messing around.

Interestingly, there is a customized stablecoin service for enterprises. I have discussed this topic with many people before; it is definitely a super track—its potential far exceeds the current on-chain stablecoins like USDT and other on-chain stablecoin volumes.

Looking at the trend of AI proliferation, end-to-end privacy social applications will also become the choice for the new generation of young people. These changes are reshaping the underlying logic of the entire ecosystem.