Vance Spencer, co-founder of Framework Ventures, published an article on the X platform stating that 2025 is not the year the cryptocurrency industry hoped for, but it may be a necessary year for continued development. The industry has now completely moved away from memecoins, NFTs, low-circulation/high fully diluted valuation (FDV) tokens, and consumer projects. He predicts a significant decrease in token issuance in 2026, with market focus shifting to mainstream assets like BTC and ETH, as well as DeFi blue-chip stocks with reasonable value capture mechanisms. Institutional bidding for these assets may exceed expectations. The future of the cryptocurrency space lies in stablecoins, RWA, lending capital markets, and asset management. Reducing redundant operations, improving quality, and pursuing compliance will solve many of the industry's problems. The current outlook is bullish, but opportunities for both upward movement and exit will be highly concentrated.