Looking at the current stage of the crypto market, my feeling is: we are experiencing a transition from "wild growth" to "institutional establishment." To put it bluntly, the past decade was a group of people feeling their way across the wilderness; now, Wall Street giants are starting to plan urban infrastructure.

First, let's talk about technology. Ethereum, through the combined efforts of zk-EVM and PeerDAS, has basically solved the "trilemma" that has plagued blockchain for over ten years—security, decentralization, and performance. These three mutually restrictive elements can finally coexist. In plain language: blockchain is no longer that slow, inefficient experimental toy; it has evolved into a truly global settlement network capable of supporting hundreds of millions of users with nearly zero transaction fees. This shift is crucial.

Next, look at the movements on the institutional side. US banks recommend a 4% allocation, and BlackRock’s Bitcoin spot ETF holdings have surpassed Grayscale’s. This is no small matter—it marks a switch in Bitcoin’s identity from a "high-risk asset" to a "standard reserve asset." Large-scale entry of national and institutional funds signifies a paradigm shift.

The stablecoin sector is also worth noting. Last year, the global trading volume of stablecoins exceeded $10 trillion. What does this number tell us? It indicates that in the future, what can truly change people's daily lives are not those concept tokens, but stablecoins. With improved regulatory frameworks, stablecoins will evolve into the "Internet dollar" for cross-border trade, payroll, and even daily consumption. Faster than SWIFT by ten thousand times, and a hundred times cheaper—these advantages are overwhelming.

Interestingly, regulation is also changing. Crypto enthusiasts used to fear regulation, but now the trend is reversed: clear regulatory frameworks > vague freedom. The SEC removing cryptocurrencies from the "special risk" list means they are being reclassified as regular financial instruments. Once rules are established, institutions managing trillions in retirement and social security funds will dare to truly invest.

Ultimately, 2026 will be a watershed year. On one side, speculation is gradually ending; on the other, the dawn for builders and long-term holders is breaking. Are you now approaching this with a mindset of "participating in history for the long term," or are you still treating it as just a speculative cycle?