The end of the year in the crypto world is indeed a bit awkward—Bitcoin is repeatedly fluctuating here, trying to find a bottom, while a bunch of funds are moving into hard assets like gold, and even Bitcoin ETFs are starting to see net outflows. The market seems a bit cold.

But, another story is happening simultaneously. Some truly knowledgeable funds are quietly positioning themselves; they are focusing on projects that have real logic. Why? Because they are very clear—that the current market money isn't completely leaving, but rather fleeing from air projects and shifting toward things that can truly create value.

The threshold for smart money to choose projects is just two: first, it must have scarcity; second, it must be able to truly land, ideally both at the same time. Take ASTER as an example—it meets both criteria. One is the Burndrop plan—continuously buying back and destroying tokens through profits, reducing circulation, which is a real deflationary support. The other is the partnership with SBI Holdings to launch a Japanese yen stablecoin. What does this mean? It means opening up real application scenarios in traditional finance, no longer just an air castle.

"Reduce supply, expand demand"—this combination is actually rare in the current market. The bottom of the market is often a good opportunity for layout, but the prerequisite is that you can distinguish between genuine and fake projects. Those projects that only boast but lack real business support will only die faster in downturns.