A founder of an investment institution recently shared some market observations. Regarding the Aster project, he stated that he has already cut losses and openly admitted that it was a regrettable decision. The core issue was that the project team "could not find a founder"—this also reflects the governance risks present in many crypto projects.

He also expressed his expectations for the exchange track. According to him, the current exchange market needs to see new projects at the "Binance team level." Once such projects emerge, he would consider investing heavily to support them. This view actually reflects a phenomenon: institutional investors are looking for emerging projects with top-tier team backgrounds and execution capabilities.

Regarding specific investment directions, he shared his personal preferences: he is optimistic about BTC and BCH in the POW track; inclined towards ETH for public chains; and also pays attention to the stablecoin sector. These choices reflect judgments about the maturity and value-carrying capacity of different tracks.