2025 is about to come to an end, and many people say this has been the year of crypto bubbles. But if you look closely, the period after the bubble is actually the most worth期待 moment.

We have summarized the opinions of active analysts in the industry, and their core judgments for next year are worth listening to.

**Regulatory Shift Becomes the Biggest Certainty**

U.S. crypto policy is undergoing subtle changes. The advancement of the CLARITY Act suggests that institutional benefits may no longer be distant. This is not just about regulatory friendliness—true opportunities lie in those sectors that have been stuck at compliance boundaries, such as prediction markets and tokenization of stocks, finally having a chance to land. Although the barriers are high, the potential is equally enormous.

**On-Chain Finance Is Consuming the Traditional World**

This is not just talk. The trend of on-chain finance accelerating its penetration into traditional finance has already begun and will only get faster. Meanwhile, the combination of AI Agents and blockchain is brewing new opportunities—this area’s imagination may not have been fully tapped yet.

**Token Incentive Binding Is a Watershed**

Projects that can truly bind tokens to protocol revenue and network effects are the ones with a future. Others? They will eventually be cleaned out by the market. This is not alarmist but an inevitable rule after crypto enters deep waters.

**More Than Just Keyword Chasing**

Privacy, AI + blockchain, stablecoins, payments—these directions are still worth关注, but the key is whether there is real product strength to support them. Also, don’t forget that black swan events, which often come unexpectedly, can appear at any time.

The only way out for crypto, ultimately, is to build truly PMF products.