This year in the crypto world can be described as a year of great temperature differences, transforming from the most outstanding asset in 2024 to the only declining asset in 2025.

The narrative ranges from BTC strategic reserves, AI Agents, Trump coin issuance, Altcoin ETFs, CZ returning to BNB, ETH DAT, Circle going public, privacy coin hype, to BTC reaching a successful ATH. In fact, the hot topics are all there, it's just a matter of whether you can seize them.

Regarding wealth creation effects, there are still various opportunities for 100x or large positions, such as the BNB ecosystem, large-scale financial products like Pumpfun & Plasma IDO. With the tokenization of US stocks and on-chain foreign exchange, more assets can be speculated on. Many exchanges are also beginning to support TradFi.

What remains unchanged in the crypto space is the relatively weak regulation and rapid asset issuance models. Regardless of the cycle, those who can capture the strongest momentum and the most innovative narratives will have unlimited opportunities. Hopefully, next year can continue to improve!

The three levels of Alpha are:

1. Faster information
2. Better analysis
3. Superior actions

Let's work hard together.

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The biggest pain point this year was at the beginning of the year, right after Trump’s ATH trading, when tariffs caused a quick slide, resulting in a big loss.

This led to cautious operations throughout the year, preferring stable financial management and not taking too much risk on hot spots, missing out on the relatively liquid 2025.

1. Didn't follow @Mal_Lin93 into a large position when the ETH DAT narrative first emerged, only nibbling to recover some losses.
2. Missed the first wave of BNB ecosystem takeoff discovered by @topon1ccc.
3. @johnhu432 was too lazy to KYC for the Plasma IDO.
4. BTC started selling from last year's 80k, most spot holdings were not sold at ATH.
5. Aster missed out.
6. @jstin0502 was aggressively gambling, while I was washed out of most positions during the first correction.
7. The only position I entered was $ZEC , which was not large enough, just dabbling a bit.

Overall, I still made money this year, but it was the worst performance in 4.5 years of entering the space. Just have to keep working hard.

There is still Alpha in the crypto space, but only for those who are diligent and have an edge. If you pursue Beta, perhaps other assets might be better choices?