Nick Tomaino, founder of 1confirmation, stated on the X platform that the current total market capitalization of cryptocurrencies is $3.1 trillion (down 14% in the past year), but in 2009, this figure was zero. For the crypto industry, 2025 signifies the end of the "era of easy money": venture capital pump-and-dump schemes, the failures of Meme Coin and DAT, and the first-ever outperformance of products not relying on token speculation in the cryptocurrency industry last year, such as Polymarket and stablecoins. In the future, to achieve excess returns, it is necessary to develop and use such products. Three things remain constant in the crypto industry: 1. The true nature of fraudsters must be recognized; 2. The macro trend of declining trust in institutions and the increasing importance of the internet is real, and trustworthy neutral currencies offer worthwhile investment opportunities; 3. Only two cryptocurrencies possess trustworthy neutrality: Bitcoin (BTC) and Ethereum (ETH).