Funds are flowing, but the direction has changed. Traditional or emerging sectors like US stocks, gold, AI, and robotics have captured much of the attention, while enthusiasm for the crypto space is cooling down. This is not a bad thing; on the contrary, it indicates market differentiation—those hot money chasing trends have dispersed, and those who truly believe are still here.

The key question is: what stories are left in the crypto industry? Which narratives have withstood market testing and remain valid? Looking ahead, which directions deserve long-term investment?

The answer is actually hidden in different cycles of wealth accumulation. When entering the market, everyone focuses on high yields—pursuing rapid growth. In the mid-term, attention shifts to capacity—whether there is enough funding to support the space. But as time goes on, priorities become clearer: security and privacy are the real moats.

This logic applies broadly to the entire market as well. The current reshuffle is precisely the process of filtering out truly viable projects.