The early boom in cryptocurrencies has already come to an end. Speaking of which, cryptocurrencies themselves do not create value; Bitcoin's current scale is primarily due to the global monetary oversupply environment. Now, cryptocurrencies have entered the mid-stage of development. Looking back at Bitcoin's starting point, it relied on the joint support of believers, speculators, and market demand—evidenced by the BTC markets in 2013, 2017, and 2021, where bull markets saw soaring prices and bear markets nearly dropping to zero, with extreme volatility.

The core demand of early believers was quite clear: to get Bitcoin into Wall Street and into the public eye, making it a recognized target for institutions, wealthy individuals, and ordinary investors—both to counteract inflation caused by excessive money issuance and to satisfy speculative needs.

The real turning point came in 2021. That year, institutions began to enter the market on a large scale. By the 2024 bull market, coupled with political changes in the United States, cryptocurrencies officially entered the mainstream, fully integrating into the US financial system. Financial institutions took over the BTC "relay baton" from early believers, which is a key reason why Bitcoin performed so remarkably in this round of the bull market.

Returning to the question everyone cares about: Why will it be even harder to make money from contracts in the crypto space in 2025? Actually, contracts have never been easy for ordinary people to profit from, but the difficulty has indeed increased in 2025. What is the fundamental reason? It’s the absence of the "everyone makes money" frenzy seen at the end of previous bull markets.

The answer to the disappearance of the altcoin season has long been obvious—cryptocurrencies themselves do not create value; the premise of profit is always that someone takes over your assets. As institutional funds gradually take control of market order, this indiscriminate wealth transfer opportunity naturally disappears.