As 2025 is coming to an end, an unexpected phenomenon is presenting itself—Bitcoin and Ethereum have actually underperformed traditional assets like gold and silver. This sounds a bit painful, and it's no wonder that people in the crypto circle feel a particularly strong sense of "perceived gap."

The index is oscillating at high levels, looking quite lively, but the profit-making effect is indeed less obvious. This round of market feels like it first hit new highs, then experienced deep retracements, and now is stuck in high-volatility, repeated re-pricing. The extreme optimism at the end of last year has now shifted into a cautious, defensive stance.

In such an environment, simply believing that "a bull market is inevitable" is no longer enough. Those straightforward price point predictions are generally failing, and what’s truly materializing are some structural changes. For example, compliant products are gradually coming online, more and more public chains and assets are obtaining ETF or compliance channel approvals, and sectors like RWA, stablecoins, and AI are expanding slowly but steadily. The industry’s foundation is actually being reinforced step by step.

In the short term, the main trend for the market should still be range-bound oscillation. The $90,000 level remains overhead pressure. Every time the price rebounds, rather than seeing it as a mindless opportunity to chase higher, it’s better viewed as a window for high-level turnover and strategic positioning of structural assets.

Looking mid-term, assuming no systemic macro shocks, top-tier assets will gradually digest their valuations through high-level oscillations. True excess returns mainly come from the "selection gap" between different tracks and specific projects—meaning choosing the right direction is more important than precisely timing the market.

From a strategic execution perspective, the first principle is to control overall positions, especially to reduce short-term high leverage exposure. Survival always comes first; this is an unyielding bottom line. Focus on projects with real application progress and good liquidity. When evaluating projects, combine "narrative" and "fundamentals," rather than just fixating on the K-line’s steepness.

For the entire market, rather than fantasizing about completing some ultimate main upward wave, it’s better to accept the reality of high-volatility range oscillation. Execute with pre-planned phased deployment and take-profit strategies—this is more reliable. The bull market may still be on the way, but the rhythm has changed. The new game isn’t about who dares to go all-in, but who can survive longer amid volatility and who can patiently hold high-quality chips. This is the new rule of the game.