The crypto market is now like standing at a crossroads, with one side facing the pressure from short-term price fluctuations, and the other holding onto the hope of long-term development. These two forces tug at each other, forming the most authentic portrait of the current market.

Speaking of the short term, sentiment is indeed fragile. The recent rebound failed to stabilize, and Bitcoin at the $86,000 level has become the most critical support. If this line cannot hold, panic selling may intensify, and the market correction could deepen. This is the real risk faced in the short term.

But from a fundamental perspective? Things are not so pessimistic. Applications for diversified crypto ETFs are progressing, various public chains have made substantial breakthroughs in privacy and performance, and the RWA (Real World Assets) track is also growing rapidly. These seemingly minor developments are quietly changing the underlying logic of the market—institutionalization and compliance upgrades are underway, just not as conspicuous.

In such a divided environment, the old speculative logic definitely needs to be revised. New investment ideas are emerging, but they are not yet fully formed.

The weakness at the end of 2025 is actually like a filter—testing which projects can withstand pressure. What will truly determine how high the next cycle can go are not the past peaks, but the achievements made now in compliance, scalability, and practical applications.

As the saying goes: the market is born in despair, grows through disagreement, and matures in frenzy. The current caution may just be the energy being stored for a healthier future.