6 月 17 日，Dragonfly Capital 管理合伙人 Haseeb Qureshi 在社交平台上表示，「每一个周期，创业者们都会追逐「热钱」。上一个周期，意味着发行代币。那时的加密资本市场异常火热。这一周期则是将代币推向股票市场，类似「财务公司」的模式。但热钱从不会停留太久，财务公司不会成为最终主流。我猜这种模式大概还能持续 1-2 年，直到热度消退。」

<div><p>6 月 17 日，Dragonfly Capital 管理合伙人 Haseeb Qureshi 在社交平台上表示，「每一个周期，创业者们都会追逐「热钱」。上一个周期，意味着发行代币。那时的加密资本市场异常火热。这一周期则是将代币推向股票市场，类似「财务公司」的模式。但热钱从不会停留太久，财务公司不会成为最终主流。我猜这种模式大概还能持续 1-2 年，直到热度消退。」</p></div>

Dragonfly合伙人：加密财务公司或成本周期风口，热度预计将持续1至2年

On June 17, Haseeb Qureshi, managing partner of Dragonfly Capital, stated on social media, "In every cycle, entrepreneurs chase 'hot money'. In the previous cycle, it meant token issuance. The crypto capital market was extremely hot at that time. This cycle is about pushing tokens into the stock market, similar to the 'financial company' model. However, hot money never stays for long, and financial companies will not become the ultimate mainstream. I guess this model can probably continue for 1-2 years until the heat subsides."

<div><p>On June 17, Haseeb Qureshi, managing partner of Dragonfly Capital, stated on social media, "In every cycle, entrepreneurs chase 'hot money'. In the previous cycle, it meant token issuance. The crypto capital market was extremely hot at that time. In this cycle, it's about pushing tokens into the stock market, similar to the 'financial company' model. However, hot money never stays for long, and financial companies will not become the ultimate mainstream. I guess this model can probably continue for 1-2 years until the heat subsides."</p></div>

Dragonfly Partner: Crypto finance companies may be at the forefront of the cost cycle, and the popularity is expected to last for 1 to 2 years

Author: BITWU.ETH

---------------------------------------------------------------

[1767200696648159.png]

2025 is over. I wasn't really planning on writing a year-end summary.

Not because I had nothing to write about this year, but rather because it was all too real. So real that I'm not sure if writing this down will seem a bit "anti-climactic."

But after thinking about it, I decided to write it down anyway.

If you're also in the city...

2025 Year-End Review | Why I say my best move this year was doing nothing?

The charts speak for themselves, and market sentiment has shifted accordingly. As 2025 draws to a close, we must face reality: Bitcoin has officially entered a bear market.

For months, traders and analysts have debated whether the price action was merely a consolidation phase or a deeper correction. Now, confirmation signals have arrived, not only in price but also in on-chain data, reversals in capital flows, and the convergence of fragmented market structures. While the term "bear market" often triggers panic, understanding the mechanisms behind this downturn is the first step to navigating this difficult period successfully.

This in-depth analysis will break down the factors defining the current landscape at the end of 2025...

Bitcoin has officially entered a bear market: On-chain evidence, fund flows, and how investors can profit.

On the last day of 2025, Trump Media Technology Group (DJT) dropped a bombshell: it will partner with […2024111120230…] to distribute new digital products to shareholders.
The article "Trump's Big Spending! DJT Announces Partnership | _2024111120231_ | What's the Benefit of BlockTempo Digital Tokens to Shareholders?" was originally published on BlockTempo, the most influential ABMedia media.