My overall main stance remains unchanged. In the AI era, the long-term ceiling for crypto assets will continue to rise, with core assets like BTC and ETH still serving as the ballast.

Tokenization of the stock market brings in incremental crowds and will not divert existing funds in the crypto space; investors who previously invested in U.S. stocks can easily extend their allocations to mainstream crypto assets.
Under the fourth phase of Golden Tax, deposit and withdrawal regulations are becoming stricter, and stable funds are hesitant to enter the market impulsively, causing the pace of new capital inflows to slow down.
Next, with tighter anti-money laundering and KYC regulations, gray liquidity will shrink, and the short-term market will face pressure.
In the future, only compliant large-scale funds will be allowed to participate with real-name long-term capital, and mainstream assets like BTC and ETH will see increasing concentration of holdings. Altcoins and small tokens will lose gray speculative funds, and the market will become weaker and weaker.