#DeFi代币化证券与金融上链 Looking at Cantor Fitzgerald's year-end report, I am pondering a question: why does this possible "winter" make me feel more grounded?

In previous cycles, our biggest fears were liquidation waves and systemic collapses. But now it's different—the market is led by institutions, fundamentals are gradually solidifying, and regulatory frameworks are being clarified. This means that even if prices are under pressure, the overall ecosystem's risk resistance is strengthening.

The DeFi and tokenized assets sectors are especially worth paying attention to. The divergence between prices and on-chain fundamentals widens, which might seem like a risk signal. But from another perspective, this precisely indicates that real applications and value creation are developing independently. Short-term volatility cannot hide the long-term improvement of infrastructure.

My advice remains consistent: don't be scared by the expectation of a "winter." The key is to review your position allocation—under such conditions, safety margins are more important than return expectations. If your investment portfolio can withstand repeated tests of price fluctuations, it just shows that its structure is correct. True investors should welcome this period of silence because it forces speculators out and gives fundamentals a chance to speak.

Be patient and wait; this is not passive, but a preparation for a more solid future.