Over the past few years of trading, I’ve always carefully cross-referenced on-chain data whenever I see key information. Recently, I came across a piece of news, combined with several data indicators I’ve been tracking, and I think it’s worth a serious discussion—this might really be a turning point.

The core of the news is this: leading institutions like Kraken, Consensys, and BitGo are planning to go public around 2026, covering key areas such as trading, wallets, and custody. Some market analyses point out that the valuation logic in the secondary market is changing—pure concept hype is becoming less effective at boosting valuations. In the future, compliance progress, actual revenue, and risk management levels will matter more. In other words, the crypto industry is shifting from wild expansion to a stage where fundamentals matter more, with leading players gaining ground and smaller ones being pushed to the margins.

Why do I see it this way? News alone isn’t enough; on-chain data provides the real picture. Recently, large Bitcoin transfers have become particularly frequent, with single transactions over 1000 BTC increasing. The activity of these whale addresses has noticeably picked up. What does this usually indicate? Institutions and big funds are quietly positioning themselves, possibly warming up for major moves ahead. Ethereum is also quite interesting—active addresses are steadily increasing, but network gas fees haven’t skyrocketed, indicating real demand supporting the network rather than false prosperity driven by hype. All these data points point in the same direction: money is shifting from story-driven speculation to backing real projects.

Based on this judgment, here’s how I see the upcoming market trend:

In the short term, news about IPO expectations will create some volatility and trading opportunities—that’s obvious. But in the long run, when several waves of listings arrive around 2026, the landscape will be thoroughly divided. Only those with solid compliance, real revenue, and mature risk control systems will sustain growth—mainly leading trading platforms and infrastructure projects. Smaller coins lacking strong competitive advantages will become increasingly marginalized unless they have genuine technological innovation.

My investment strategy advice is straightforward: stop blindly FOMOing. Focus on leading sectors with IPO potential, while also paying attention to the linkage opportunities across US stocks, Hong Kong stocks, and other markets. The allocation approach should prioritize stability, with a focus on projects whose fundamentals are clear and growth logic is understandable.

Ultimately, the game rules of the market are being rewritten. Projects still relying on storytelling to attract retail investors will find it increasingly difficult. Our strategy must also adapt—keep a close eye on top players and stay steady. If we grasp this rhythm, time will naturally give us feedback. I’ll continue sharing more insights as I observe additional data.