【Wintermute CEO：部分宣称「退出加密」的年轻建设者和KOL其实从未真正入场，谈不上「退出」】火星财经消息，12 月 25 日，Wintermute 首席执行官 Evgeny Gaevoy 发文表示，这些才刚到 30 岁的加密货币建设者和 KOL 们声称「退出加密货币」，其实都是骗子。他指出，这些人根本就没真正开始过。甚至都没给加密货币一个机会。他们不是退出，而是根本就没开始过。这是窃取荣誉。

<div><p>【Wintermute CEO：部分宣称「退出加密」的年轻建设者和KOL其实从未真正入场，谈不上「退出」】火星财经消息，12 月 25 日，Wintermute 首席执行官 Evgeny Gaevoy 发文表示，这些才刚到 30 岁的加密货币建设者和 KOL 们声称「退出加密货币」，其实都是骗子。他指出，这些人根本就没真正开始过。甚至都没给加密货币一个机会。他们不是退出，而是根本就没开始过。这是窃取荣誉。</p></div>

Wintermute CEO：部分宣称「退出加密」的年轻建设者和KOL其实从未真正入场，谈不上「退出」

[Wintermute CEO: Some Young Builders and KOLs Claiming to "Quit Crypto" Never Really Entered the Market, So There's No "Quit"] According to Mars Finance, on December 25th, Windemute CEO Evgeny Gaevoy stated that these cryptocurrency builders and KOLs, some just over 30 years old, claiming to "quit crypto," are actually fraudsters. He pointed out that these people never truly started. They didn't even give crypto a chance. They didn't quit; they never even started. This is stealing credit.

<div><p>[Wintermute CEO: Some Young Builders and KOLs Claiming to &quot;Quit Crypto&quot; Never Really Entered the Market, So There&#39;s No &quot;Quit&quot;] According to Mars Finance, on December 25th, Windemute CEO Evgeny Gaevoy stated that these cryptocurrency builders and KOLs, some just over 30 years old, claiming to &quot;quit crypto,&quot; are actually fraudsters. He pointed out that these people never truly started. They didn&#39;t even give cryptocurrencies a chance. They didn&#39;t quit; they never even started. This is stealing credit.</p></div>

Wintermute CEO: Some young builders and KOLs who claim to be "quitting crypto" have never actually entered the field, so there's no question of them "quitting."

Introduction Market Overview In 2025, stablecoins and DAT expanded in both scale and application scenarios, beginning to directly connect with traditional finance at the boundary level. The total market capitalization of stablecoins once exceeded $230 billion, with an annual on-chain settlement scale of approximately $1.5 trillion. Supported by legislation such as the GENIUS Act, they gradually solidified as the underlying settlement layer for cross-border payments and on-chain finance. The DAT model, through compliant equity or fund vehicles, provided traditional institutional investors with a standardized path to access crypto asset exposure, with its holdings of BTC and ETH assets having a high market value...

2025 Coinglass Derivatives Report: Instead of the altcoin season, a $154.6 billion liquidation season arrived.

The old script becomes obsolete in 2025
As 2025 draws to a close, the crypto market presents an unprecedentedly "divided" picture: Bitcoin (BTC) has repeatedly hit new highs driven by institutional funds, once reaching $125,000; Ethereum (ETH) is struggling around $2,800, still significantly lower than its all-time high; while Altcoin, which once "rose indiscriminately," have fallen into a deep abyss, with most projects plummeting 80-95% from their 2021 highs, failing to recover even against the backdrop of BTC's record highs.
This completely departs from the classic narrative of the crypto market over the past decade. The traditional "four-year cycle"...

Bitcoin's "never-setting sun" and Altcoin' "twilight of the gods"—has the four-year cycle truly come to an end?

Author: SoSoValue Research
The winter of 2025 will be colder than usual, not just in terms of temperature, but also in terms of the perceived temperature drop in the crypto market.
If you only look at the news, it's a hot topic: Bitcoin is hitting new highs with Wall Street's support, ETF size is soaring, regulatory trends in various governments seem to be warming up, and the US president's pardon for CZ even became a hot topic in global political news.
However, when you shift your gaze away from Bitcoin and look into the broader "Altcoin heartland," a suffocating silence descends. The days when "you could make a fortune just by being in a car..." are gone.