The continued exit of smaller and medium-sized crypto exchanges in recent months indicates that the crypto market is gradually moving from the early stage of “high returns, high risk, and strong speculation” to a stage of “moderate returns, moderate risk, and greater maturity.” The opportunities to generate excess returns in the past by exploiting information asymmetry, regulatory arbitrage, and market chaos are diminishing, and future opportunities will be more concentrated in areas such as compliance, infrastructure, long-term value, and industry applications. The crypto industry is moving from the “gold-rush era” toward the “financial infrastructure era.”