In 2025, some people are complaining that the difficulty is comparable to hell mode, but looking at the performance of $BTC and $ETH, they hit new highs all year and new opportunities keep emerging. What's going on?

From a traditional finance perspective, crypto itself is an alpha asset, while $BTC$ETH plays a beta role in the entire crypto space.

**Layer One: Market and Policy Bonuses**

Spot ETF funds continue to pour in, the DAT and GENIUS bills are advancing one after another, and the global compliance tone is gradually being established. This is not about extraordinary excess returns, but risk-free basic returns—market growth plus the security brought by regulatory protections.

You can understand this as the industry’s ceiling being raised. When the biggest risk (regulatory crackdowns) is removed, it’s a sign of qualitative change. The tentative entry of sovereign funds is enough to illustrate the point.

What does the sense of achievement at this layer come from? Nothing more than: "I am aligned with the correct long-term trend recognized by the global mainstream financial system."

From last year's US series of meetings, it’s clear that institutions remain enthusiastic about mainstream assets. Interestingly, OG-level investors still cling tightly to mainstream assets, while newcomers allocate less. It’s somewhat like Buffett’s logic—the core position is just investing in the S&P 500.

Is this the first layer of your sense of achievement?