Recently reviewed some institutional investment retrospectives, and one phenomenon is worth noting—fund flows in 2025 are quietly rewriting the rules of the crypto game.

**What game are the old money playing?**

The way traditional giants and wind investors enter the market is quite different from what we imagine. They are not here to speculate on coins, but to seize ecological positions.

The most intuitive example is stablecoins. Tether's per-user profit has long outpaced many traditional tech companies. What does this indicate? It shows that stability and cash flow are more attractive than wild price swings. Old money has long seen through this; they are not after short-term gains but long-term ecological control.

More aggressive changes are seen in market prediction platforms. A leading prediction platform recently raised over $2 billion, with direct participation from traditional financial institutions behind this funding. Don’t be naive to think it’s just a gambling platform—what they are building is the next-generation financial infrastructure, with prediction markets just as an entry point.

Regulatory attitudes have also reversed. From strict scrutiny a few years ago to now a phased relaxation, the logic of the US market is clear: regulated tracks are worth entering. This also explains why the pace of compliant enterprises entering the space is accelerating.

**What are retail investors still doing?**

They are still chasing pumps and dumps in altcoins. Every time the market rises, various small coins attract attention, but most of the final buyers are retail investors. During a bull market, everyone can see gains, but during corrections, the assets without fundamental support fall the hardest.

In contrast, investors who are building stablecoin ecosystems, participating in compliant prediction platforms, and tracking traditional giants entering the sector have a completely different mindset. They are not after short-term swings but long-term cash flow within the ecosystem.

**Where are the opportunities?**

In the stablecoin ecosystem, as application scenarios expand, both stablecoins themselves and DeFi products around them are worth关注. Not for explosive growth, but for stable holding income.

The maturity of compliant prediction platforms indicates that this track has been recognized by traditional finance and regulators, opening up long-term space.

The sectors where traditional giants are entering often represent an increase in the maturity of the entire track. Their participation will attract more mainstream capital and raise the valuation floor of the entire sector.

To put it simply, the story of 2025 is no longer about "who can get rich overnight," but about "who can get a ten-year ticket." True strength will be revealed when the tide recedes.