Today I talked with a builder who just returned from Silicon Valley about the overall environment.

My buddy was also in the crypto world before, leading a team to develop and making a lot of money trading coins, but we both agree that the current crypto scene is very boring, with no liquidity.
U.S. stocks are rising much more strongly than BTC, and as a risk asset, crypto has no appeal—no enough decline, no enough gains, plus a few AI giants preparing for IPO have suddenly drained all liquidity, so who still cares about the crypto market.
It's better to run between China and the U.S., doing token computing power business, which can also earn a steady cash flow.
But I also added that, in fact, A-shares can be considered too; a few sectors in the tech track can make some short-term gains, and IPOs in Hong Kong stocks can also be profitable.