According to CoinMeta, iosg ventures observed that the enthusiasm in the crypto industry has not significantly diminished, but the participants and the direction of funds are changing: traditional finance is accelerating its entry into trading, custody, stablecoins, and tokenization infrastructure, while native funds are flowing more towards perp DEX, prediction markets, and other trading venues. Although AI agent have become a focus of discussions at these two conferences, the actual trading volume is still limited, and funds are paying more attention to AI products that already have income and buyback mechanisms. Overall, the market is gradually shifting from being driven by narratives and new coins to being driven by income, distribution channels, and real transaction demands.