According to reports, a partner from a leading VC firm recently pointed out an interesting phenomenon in the market— the price fluctuations of crypto assets seem to be increasingly disconnected from infrastructure developments.

Specifically, several factors are weighing down market sentiment: the cooling off of Meme coin popularity, recent black swan events affecting the entire market, a slowdown in derivatives buying, and many funds shifting their focus to US stocks and private equity markets. It does sound a bit dull.

But the partner's perspective is quite interesting—he believes that although current sentiment is not great, from a fundamental perspective, the crypto industry is actually in one of its strongest periods in history. The assets under management of ETFs are also continuously hitting new records.

It is worth noting the time lag on the policy side. The upcoming legislation in the US will allow traditional banks to directly issue stablecoins, which could push the total supply of stablecoins into the trillions of dollars. However, this policy will not be implemented until January 2027. In other words, the actual influx of new capital may still have to wait one or two years before entering the market.