Under the backdrop of gradually clarifying regulations and明显 market segmentation, multiple top-tier venture capital firms are重新评估 the value attribution of the crypto industry in 2025. Pantera, Variant, and other institutions unanimously favor stablecoins, prediction markets, and the加密布局 of traditional financial and internet giants like Robinhood. Stablecoins have experienced双重爆发 in trading volume and profitability, while prediction markets are also加速主流化 due to ICE's investment in Polymarket. Meanwhile,激进监管 is viewed as a阶段性失败案例.