Extracted the following 6 key trends from CoinShares' annual report: Hot VC tracks for 2026: RWA, AI+crypto, popular investment platforms for retail investors (like Echo), Bitcoin infrastructure Privacy-focused projects benefit from regulation, becoming emerging opportunities Prediction markets are evolving into mainstream information infrastructure, accelerating institutional adoption, integrating into media/data ecosystems, and providing 'clean signals' VC funding is shifting from decentralized small investments to 'large deal centralization,' with more focus on practical utility and cash flow of projects Major changes in mining companies: they will pivot to HPC (high-performance computing), with Bitcoin mining revenue share dropping from 85% to below 20% Mining is evolving from industrial-scale to diversification: ASIC manufacturers mining themselves, modular/intermittent mining, and sovereign states taking the lead. In the long term, hash power will be dominated by nations/manufacturers