The year 2025 is destined to be an extraordinary one for the encryption industry. We welcomed a new US government that claims to support encryption and AI, and we should have anticipated a surge, but what happened? The market instead turned into a meat grinder.

The data is clear: most competing coins will plummet by 80%-99% in 2025. In contrast, Bitcoin has steadied itself - its market cap share has returned to the levels seen in 2019-2020, exceeding 60%. Meanwhile, Ethereum's trading price is basically no different from that in 2022.

What's even more heartbreaking is that the competitive coin market has completely split, with the number of coins ranging from 40 million to 50 million. This is simply a process of a bubble bursting.

But the interesting thing here is that there have actually been no shortage of positive news - the regulatory framework is gradually becoming clearer, ETFs are being approved one after another, companies are beginning to truly deploy blockchain, institutions are frantically entering BTC and ETH... yet the stock market is firmly suppressing the encryption market.

So 2025 is referred to by many as the "year of industry maturity", while it is also a year of large-scale exit for many practitioners and investors. Ironic, isn't it?

As 2026 approaches, there are several key development directions that those who are still holding on must pay attention to. For example, the prediction market has already become one of the fastest-growing verticals by 2025...