The fundamentals of this industry remain solid. The existence of Bitcoin, the circulation of on-chain assets, and the demand for stablecoins together form the unshakable foundation that ensures it will not disappear. It will not go to zero because of market cycles or regulatory tides.

However, the industry’s golden window has passed. The early odds of “gold everywhere” and “getting rich with your eyes closed” have already been significantly reduced. Opportunities are shifting from “broad-based growth dividends” to “structural opportunities,” with higher requirements for cognition, resources, and access to information. If ordinary investors keep using the past playbook of “charging belief,” “shanzhai dreams,” and “going all-in with full position,” their chances of success are worrying.

Therefore, my core view is to adjust expectations and positioning: from “a temple that changes your fate” back to “a component of asset allocation.” Big BTC and a small number of core assets can be allocated as part of a portfolio, but you must strip away unrealistic fantasies of getting rich quickly. This is an industry that has lasted nearly twenty years—volatility and stories still exist, and local opportunities are still there, but the difficulty of earning excess returns is no longer what it used to be. It matters, but it should no longer be mythologized.$BTC $GT $ETH