#Gate社区圣诞氛围感 The winter of 2025 is colder than previous years, not just in temperature but also in the sudden drop in the perceived temperature of the crypto market.

If you only look at the news, it’s all about the frenzy: Bitcoin hitting new highs under the crowd of Wall Street, ETF sizes skyrocketing, and regulatory attitudes of various governments seeming to warm up. The US President’s pardon of CZ even became a hot topic in global political news for a while.

However, when you shift your focus from Bitcoin to the broader “altcoin territory,” you feel a suffocating silence. The once confident belief that “you can get rich just by being in the car” has disappeared, replaced by the confusion of account balances shrinking in silence.

This is not just an ordinary bull-bear cycle, but the crypto industry’s long-overdue “coming of age.” Over the long two years from 2024 to 2025, the market has undergone a brutal process of separating the false from the true: bubbles have been burst by the mainstream forces, and the old myth of wealth creation has been thoroughly discredited.