$BTC The year 2025 in the crypto market is truly like ice and fire — alts collectively plummeted by 80%-90%, and the market capitalization has returned to the levels of 2019. A large number of speculators have been washed out, but those who are in the know have long since turned towards making big money quietly.

This year, the most eye-catching phenomenon is the explosion of prediction markets. Those leading prediction platforms have seen their trading volume soar to the tens of billions of dollars. Although there are many controversies, they are characterized as compliant event contracts, which can leverage bets on directions and also use hedging strategies for stable arbitrage, making them hot commodities in a bear market. What about more conservative players? The staking and arbitrage route is very stable—don't try to guess the ups and downs in a bear market; honestly stake for a stable APR, combined with options to lock in safety margins, this is the real "bear market coin earning" strategy.

The most heartbreaking phenomenon is that the old methods no longer work at all. Just look at projects like Blur and Arbitrum; the on-chain revenue is clearly increasing, but the tokens have plummeted by over 70%, directly exposing the soft spot of the traditional token economy. Fortunately, new models like VE$ETH 3 and 3( have emerged to save the situation, allowing token holders to retain governance rights, and by voting, they can share in the transaction fees, turning the project into a "community profit machine."

Moreover, large institutions have long stopped trading coins. They are now fully focused on "tokenizing real assets"—stocks, real estate, all moved onto the blockchain. The crypto circle has thus transformed from a speculative casino into a direction of mainstream financial infrastructure.

In plain terms, what will be eliminated in the crypto circle by 2025 are the gamblers, and those who remain will be the ones who truly understand the field. Think about it, what will be the next track that can withstand the test of the cycle? What do you think?