PANews reported on January 2nd that Nick Tomaino, founder of 1confirmation, stated on the X platform that the current total market capitalization of cryptocurrencies is $3.1 trillion (a 14% decrease over the past year), but in 2009, this number was zero. For the crypto industry, 2025 signifies the end of the "easy win" era: venture capital pump-and-dump schemes, Memecoin, and DAT have all failed. However, last year saw the first instance in cryptocurrency history where products not relying on token speculation outperformed other products, such as Polymarket and stablecoins. In the future, to achieve excess returns, it is essential to develop and use such products. Three things in the crypto industry remain constant:

1. You must see through the true nature of the fraudster;

2. The macroeconomic trends of declining trust in institutions and the increasing importance of the internet are real, and credible neutral currencies offer worthwhile investment opportunities.

3. Only two cryptocurrencies have credible neutrality: Bitcoin (BTC) and Ethereum (ETH).