#预测市场活动 After reviewing this cycle recap for 2025, there are some things I've been holding back for a long time.

Since 2017, I've seen too many "revolutionary narratives" vanish in a bear market. This cycle is no different—high FDV projects go unnoticed, airdrops turn into cash-out spectacles, and meme coins have never truly revived. But do you know what's the most ironic? Every time a bubble bursts, we say "this time is different," only for the next cycle to repeat the same story.

However, this time, I see some truly different things.

Net inflows into stablecoins have surpassed 100 billion, and perpetual contract trading has soared from tens of billions to hundreds of billions. Behind these numbers are real funds and real demand. Hyperliquid’s model—having revenue, buyback mechanisms, and value anchoring—has finally been recognized by the market. I was talking about this logic back in 2018; no one listened then, but now it’s a consensus. The rise of prediction markets also confirms a truth—cryptocurrency needs not just air, but real scenarios.

The direction for 2026 is already very clear: prediction markets, stablecoin payments, and mobile applications. These are not new concepts, but this time, the capital structure has changed, institutions have entered, and user mentality has shifted. Projects that only have narratives without revenue will truly struggle to get out of this bear market.

History tells me that the most profitable opportunities often appear when most people give up. But the prerequisite is that you must know what you are buying—not stories, but real businesses, real users, and real income.

This round of cleansing might be the healthiest thing for the crypto industry.