At the beginning of 2026, the crypto market experienced adjustments, with capital flows shifting. Ryan Kim pointed out that the investment logic has shifted from token economics to emphasizing real revenue and institutional clients. Over $2 billion flowed into the crypto space, mainly focusing on stablecoin infrastructure, custody services, and real asset tokenization. Although some analysts remain pessimistic about the market, crypto VCs have not completely disappeared; instead, they are reshaping investment directions and standards, reflecting a deep integration between the crypto sector and traditional finance.