Observation in 2025 1 center is difficult to maintain BTC ETF cuts off the source of large capital users for centralized exchanges; The popularization of on chain transactions such as BRC20 has blocked the wealth effect of centralized exchanges. Two project parties are struggling to survive. Old story oriented projects are difficult to sustain, and VC oriented projects are difficult to cut back. For those with income, AI related concepts will have great prospects. The wealth gap between the three cryptocurrency trading groups is widening. Holding Bitcoin and ecological and promising coins is becoming increasingly wealthy. Those who hold meme coins, project partners with no income models, and old story coins will become increasingly impoverished. The VC of the 4 encryption circles has been completely wiped out. I have invested in several well reputed cryptocurrency institutional funds in the past few years, but only one has doubled (while Bitcoin has risen sixfold). The remaining funds' quarterly reports show a total loss.