Recently, in-depth discussions with industry insiders about the trends of RWA and prediction markets revealed an interesting phenomenon worth pondering: although the crypto market is clearly moving forward, retail investors generally feel like they are moving backward.

Looking at the surface data, there's no mistake—stablecoin systems are improving, payment applications are expanding, and IPO-like projects are increasing. But these are not closely related to ordinary investors. Without the frenzy of the altcoin season, price performance is lackluster, and naturally, assets in hand are shrinking.

However, there's another often overlooked issue—the two hottest tracks, Perp perpetual contracts and prediction markets, do look lively and have significant trading volume. But in reality? The true profit-makers are still a small handful. Most participants are not trading but being traded against. The market structure hasn't changed; it's just wearing a new disguise. This is the real reason why it feels like winning but also losing.