A certain industry insider once mentioned in a public discussion: "The market follows cyclical patterns, and in the future, public chains and tokens with real-world applications will usher in development opportunities. Shanzhai seasons will naturally occur, but the specific scope and price increases still need time for validation."

This view is very interesting, but I agree more with the perspective of BitMEX co-founder Arthur Hayes — the opportunities for altcoins have actually never stopped. Many people feel they have "missed out," but essentially, the issue lies in the direction of their holdings. The true wave has long shifted elsewhere.

The opinions of these two industry leaders point to the same conclusion: the Shanzhai season is not coming; it has been ongoing. It’s no longer a flood of simultaneous rises and falls, but rather a structured market where opportunities and risks are highly concentrated in specific sectors.

The best way to illustrate this is through institutional movements. A well-known crypto asset management firm recently expanded its watchlist to 36 potential tokens, covering six major areas including smart contracts, artificial intelligence, and consumer culture. This actually hints that the next growth points already have answers.

Personally, I am more optimistic about tokens related to AI. The reason is very practical — AI is currently the hottest trend worldwide. As ordinary investors, we lack the scale and connections of traditional capital, so riding this wave might be one of the few opportunities to gain an edge.

Currently, one leading exchange has listed five AI-related token projects among these 36 potential projects, with two others under observation. The institution’s choices to some extent already point in a direction; the key is whether we can seize the opportunity.