#加密货币监管框架 That’s crazy! In 2025, the total merger and acquisition transaction volume in the crypto industry reached $8.6 billion, nearly four times that of last year, setting a new record high. Coinbase acquired Deribit for $2.9 billion, Ripple acquired Hidden Road for $1.25 billion... What do these big moves reflect?

The shift in regulatory attitude is unleashing tremendous market energy. When policies move from opposition to support, and traditional financial institutions start to enter the space, the valuation logic and growth potential of the entire industry are being re-priced. This is not just a capital game; it’s also a signal that decentralized technology and Web3 concepts are finally gaining mainstream recognition.

My feeling is that this moment is especially precious. Mergers and acquisitions signify that the industry is moving from wild growth to mature governance, with major players refining their ecosystem through capital operations. For us Web3 believers, this precisely indicates that the once “crazy dreams” are gradually becoming the infrastructure of reality.

Of course, we also need to view this rationally—under the wave of mergers and acquisitions, true value creation still depends on how capital drives protocol innovation, user growth, and ecosystem prosperity. In the long run, regulatory friendliness, ample capital, and technological iteration—these three combined are the real driving forces behind Web3’s move toward large-scale adoption.

The future is already here, just unevenly distributed. Now is the golden window for builders and participants.