Recently, there has indeed been a substantial amount of information coming out of the crypto market. I’ve compiled a few things worth paying attention to.

First, on regulation: the Central Political and Legal Work Conference clearly proposed conducting forward-looking research on new issues such as virtual currencies. This shows that the policy level’s understanding of crypto assets is deepening. At the same time, the Supreme People’s Procuratorate also emphasized increasing efforts to combat money laundering and to crack down on crimes that use virtual coins to launder money. These signals indicate that the regulatory framework is gradually improving—which is actually positive for the industry’s long-term healthy development.

On the exchange front, there’s an interesting development: the NYSE is developing a tokenized securities trading platform that supports 24/7 operation, instant settlement, and stablecoin financing. This means that traditional financial institutions are changing their attitude toward on-chain trading. In addition, South Korea is also advancing regulatory reforms, including plans to abolish the “one exchange per one bank” restriction, which will significantly enhance market liquidity.

Looking at on-chain data, there’s a phenomenon that is especially worth noting: the perpetual preferred shares of a certain large treasury company have for the first time broken through a $100 par value, which gives them continued financing capacity to keep accumulating Bitcoin. Meanwhile, many institutions are frequently using Aave to take leveraged positions, stepping up buys of Ethereum. All of this reflects institutions’ views on the current market.

As for projects: Pendle is upgrading its incentive mechanism, replacing the old vePENDLE model with liquidity staking. PancakeSwap has adjusted CAKE’s maximum supply to 400 million tokens. Magic Eden announced that 15% of its revenue will be directly distributed to ME holders. These are all examples of project teams optimizing their tokenomics.

There’s a case that deserves caution: a Shenzhen IT professional, due to holding a large amount of Bitcoin, was filed for cases by police in two different places under different charges. In the end, 183 Bitcoin—worth more than 80 million—were confiscated. The charges were also changed multiple times, reflecting that judicial understanding of crypto assets is still in an exploratory stage. Cases like this remind everyone to pay attention to the safety of their assets. Basic operations matter, including checking USDT addresses and verifying transaction information.

In terms of market analysis, a research institution has pointed out that the centralization phenomenon in 2025 is going to be very serious: funds will mainly flow into Bitcoin and Ethereum, while the altcoin rotation effect will be clearly weakened. To break out of this pattern, you either need ETF expansion to include more assets, or a strong rally in large-cap assets that drives spillover, or retail investors need to refocus their attention back on the crypto space. As of now, none of these conditions has been fully met.

I’m fairly aligned with a view from a “big whale”: the current Bitcoin market is indeed fundamentally different from 2022. The macro environment has shifted from a period of high inflation and rate hikes to a rate-cutting cycle. The investor structure has also changed—from retail traders with high leverage to institutions holding long-term—and volatility has fallen from 80–150% to 30–60%. This indicates that Bitcoin is transitioning from a speculative instrument to a mature asset class.

On financing, one accelerator has adjusted its operating model: it has moved from fixed application batches to rolling admissions throughout the year, established long-term startup centers in New York and San Francisco, and provides up to $500,000 investment per individual project. This reflects ongoing institutional confidence in the continued development of Web3, AI, and the biotech sector.

Overall, the market keywords during this period are “institutionalization” and “professionalization.” From the regulatory framework to the investment structure, everything is shifting from chaotic, rapid growth toward more standardized development. For individual investors, this means you need more professional ways of operating. You can’t skip basic fundamentals such as risk management and asset security verification.