Jessy, Golden Finance. "They're asking for 50,000 U units for the booth." After hearing the price, Jack, the head of a Bitcoin DeFi project, decided not to purchase a booth at this year's Bitcoin Asia main event. He spoke with me about his project at the Bitcoin Summit side event booth on the same floor as the Bitcoin Asia exhibition hall at the Hong Kong Convention and Exhibition Center. His project hadn't received much funding, and 50,000 U units wasn't a good deal. This was my second year at Bitcoin Asia, and Jack's second year in Hong Kong. The difference was that last year he purchased a booth at the main venue, while this year he only attended the side events. My most immediate impression after two consecutive years of exhibiting: there are far fewer projects at the main venue this year compared to last. At the Bitcoin Asia conference last May, the Bitcoin ecosystem showed no signs of a bubble burst. The "ecosystem was thriving" and projects were plentiful, with a proliferation of second-layer chains, DeFi protocols, NFTs, and blockchain-based games. This year, however, there were about ten booths scattered across the exhibition area. "None of this year's booths are sold out," one exhibitor told me. Unlike last year's diverse project portfolio, the largest exhibitors this year were mining equipment manufacturers and their distributors, along with several leading wallet projects that had also participated last year. Their continued participation not only demonstrates that the projects are still operating but also demonstrates stable cash flow and a willingness to invest in publicity at Bitcoin Asia. Most of the once-hot "Bitcoin ecosystems" have become short-lived. Although the exhibitors were sparse and the event wasn't as lively as last year, the attendance was still strong. While the Bitcoin ecosystem was no longer a hot topic this year, topics like "DAT," "RWA," "stablecoins," and "mining" remained popular. The presence of CZ and Trump's second son further ignited the atmosphere at the conference. The Complete Decline of the Bitcoin Ecosystem A blockchain gaming project team that had a large booth at the main venue last year told me that their project has essentially stalled. Back then, they promoted a DePIN mining concept—they sold gaming consoles promising simultaneous gaming and mining, but the project ultimately never launched a token. "There's nothing we can do about the criticism. We dare not launch a token, and we can't protect the price." This is precisely the dilemma faced by many Bitcoin projects: even if they launch a token, it's difficult to provide investors with an explanation—the price continues to plummet. ABCDE, an investment institution once heavily invested in the Bitcoin ecosystem, announced a suspension of new investment in the first half of this year. Statistics show that the six projects it invested in that had already launched tokens have all performed poorly, with well-known projects like Merlin Chain and Babylon experiencing significant declines from their peaks. Jack expressed a similar view: these projects are mostly "Ponzi schemes" designed to raise money, disappearing within a few months. The absence of Bitcoin ecosystem projects from the main conference venue at the Bitcoin Asia conference is a reflection of this reality. By comparison, Bitcoin mining offers greater certainty. However, with rising mining difficulty and regulatory changes, this asset-heavy industry is no longer as hot as it once was. After the Bitcoin halving in 2024, mining rewards will be reduced by 50%, and network computing power will reach a new high, causing mining unit revenue to drop from approximately $0.12 per TH to $0.049 per TH. In the first half of 2025, the cost of mining a single Bitcoin increased by over 34% year-on-year, exceeding $70,000. Mining companies are also seeking new solutions, including IPOs and transitioning to crypto treasury companies. A mining company employee told me that manufacturers are under tremendous pressure and attend conferences to gain exposure and foster collaboration, but the market remains a competition for existing resources. While the pressure is high, selling mining machines or providing one-stop services for mining farm construction are inherently more oriented towards the real economy within the industry. They have a stable profit model, which makes them more likely to survive long-term. Meanwhile, leading wallets like Unisat and Xverse, which have participated in both years, have managed to maintain their position by securing the wallet niche within the Bitcoin ecosystem. However, confusion remains a major theme. A Unisat staff member told me, "The Bitcoin ecosystem is currently at a low point, and we don't feel like we have a clear path forward. However, we still have to participate in the exhibition and continue to build our brand exposure." The new hot topic is DAT. In contrast to the decline of the Bitcoin ecosystem, DAT has become a hot topic. Several prominent speakers, including Changpeng Zhao and Blockstream founder Adam Back, mentioned it in their speeches. This year, various crypto treasury companies have emerged, using financial instruments to raise funds to purchase cryptocurrencies, with their stock prices closely tied to the market capitalization of cryptocurrencies. Guests commented that this approach is making crypto assets more accessible to traditional financial investors and is more attractive than direct cryptocurrency investment. The presence of Eric Trump, Trump's second son, was another highlight of the event. As the closing guest, his powerful speech drew enthusiastic responses. In it, he criticized Biden's incompetence, praised the Trump administration for bringing prosperity to cryptocurrencies, and predicted that Bitcoin would reach $1 million per coin. He had also previously attended the WebX2025 event in Japan, keeping his schedule tight. Thanks to these prominent guests, despite the relatively quiet booth area, the attendance remained strong. Participation from outside traditional financial professionals also increased significantly. A friend at a brokerage firm told me, "For traditional finance professionals, the crypto industry is incredibly popular right now." As a traditional financial center, Hong Kong saw major brokerages launch crypto services this year, and stablecoin pilots have also attracted considerable attention. Even with a sharp drop in exhibitors at the main event, the crypto industry remains highly anticipated. Perhaps precisely because of the high profile of the Bitcoin Asia event, the presentations delivered by guests at the venue were more conventional. For example, Zhao Changpeng's speech at a side event at the University of Hong Kong offered both more critical and constructive comments on Hong Kong's current policies than his speech at the Bitcoin Asia venue. According to the South China Morning Post, Hong Kong Securities and Futures Commission Executive Director Ip Chi-hang and Hong Kong Legislative Council member Ng Kit-chung withdrew from the Bitcoin Asia event due to instructions not to meet with Eric Trump, son of US President Trump. This may also reflect that, on the one hand, Hong Kong hopes to embrace crypto as a financial center and attract more industries and capital. However, on the other hand, it cannot completely break free from the constraints of the broader environment and remains cautious and restrained in its policy expressions. The bustling and quiet Bitcoin Asia is both a microcosm of the industry cycle and perhaps a facet of Hong Kong's fluctuating role in the crypto world.
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