币界网报道：The cryptocurrency market is undergoing a structural transformation, with weak innovation within the industry and rising innovation outside the industry. Analysts pointed out that VCs are generally withdrawing from the market, a large number of primary funds have been disbanded, and so-called innovations such as inscriptions have failed to form lasting value. The cross-border payment project CRCL has attracted attention for its potential to subvert traditional finance, although its valuation is controversial. Compliance has become the main theme of the industry, and in the future, crypto projects may turn more to traditional IPOs rather than issuing coins. In terms of investment strategy, we should focus on areas favored by outside funds, such as stablecoins and compliant exchange platform coins. Analysts' holdings show that in addition to Bitcoin, they are more inclined to invest in projects with practical application scenarios such as CRCL, as well as Meme coins with cultural communication power such as Labubu under Pop Mart, believing that these assets are more likely to be recognized by the mainstream market. The current market is clearly divided, and traditional cryptocurrency projects are facing severe challenges, while innovative projects connecting traditional finance are gaining more attention.