A recent analysis released by 10x Research on its X platform indicates that institutional inflows and changes in corporate balance sheets are quietly reshaping the cryptocurrency stock market landscape, driving up the prices of some crypto-related stocks. Circle's stock price has rebounded by approximately 60%, and Coinbase has risen by about 25%. Meanwhile, the transformation of mining companies into AI infrastructure may reshape the next cycle. Bitdeer previously liquidated its Bitcoin reserves. Although its equity was diluted after completing the convertible bond issuance and stock placement, the proceeds may be used to accelerate its transformation towards high-performance computing and AI infrastructure. This means that the cryptocurrency mining sector is also undergoing a structural shift, potentially redefining investors' judgments on the next cycle.