The crypto industry in 2025 has just begun, and one number has shaken the market—merger and acquisition transaction volume has surpassed $8.6 billion, nearly quadrupling compared to last year, setting a new record. Behind this is not media hype, but real capital taking action to declare the direction.

Let's analyze the logic behind this wave of M&A.

First, look at the scale. This $8.6 billion is not retail investors' passionate bottom-fishing, but Coinbase spending $2.9 billion to acquire Deribit, with top exchanges and protocol partners like Kraken and Ripple competing in the billion-dollar range. What does this indicate? It shows that industry leaders are疯狂整合，building their moat. They are not aiming for a good quarterly report, but rather securing infrastructure control and user access for the next decade.

Next, consider the policy background. After Trump took office, cryptocurrencies were directly prioritized, with lawsuits withdrawn, friendly officials promoted, and even consideration of national strategic reserves. This combination gave global capital confidence. The previous biggest uncertainty—policy risk—has been eliminated, allowing massive capital to enter on a large scale.

Then, observe the sector changes. The gold rush era in crypto is coming to an end, entering a stage of dominance by giants. Opportunities for small projects to stand out through innovative models are narrowing, while those with core infrastructure—possessing technology, licenses, and user bases—are being continuously revalued.

More importantly, where is the capital flowing? Trading platforms, derivatives facilities, payment channels—these are businesses deemed capable of generating stable cash flow by capital. In other words, capital is buying assets that can generate long-term income, not purely speculative targets.

What does this mean? Future opportunities may no longer come from discovering 100x tokens, but from identifying core industry assets that become increasingly powerful through M&A, and holding them long-term. When the wind turns, building the infrastructure first will always be more stable and profitable than just buying a ticket to enter.