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2025 will not be a nationwide carnival of a bull market feast. Instead, it will be the most brutal year of filtering—many speculators, pseudo-innovative projects, and "zombie projects" will be ruthlessly eliminated.
Funds that enter by luck will eventually have to lose back with strength. This is the iron law of the market. Those projects that only have concepts but no real products or users will gradually reveal their true nature in 2025. The "three no's" label—no product, no users, no cash flow—is a death sentence.
If 2025 is seen as a reshuffling period, then 2026 will be the real starting line. Next year, the market's main logic will shift—long-termism will regain the spotlight.
Don’t expect 2026 to repeat the crazy surge of the past. This recovery will be a "slow bull" pace, gentle and lasting, completely different from the short-term emotional-driven explosive market. The crypto market is bidding farewell to barbaric expansion and entering a true maturity phase.
The ultimate winners in the market are often those who are not confused during bear markets and persist in honing their fundamentals. In an era full of uncertainties, "long-termism" is the most reliable compass in your hand.