Drinking encrypted New Year's Eve dinner: 2025 blood washing and review, 2026 retail survival path! Tiens, the roller coaster of 2025 encryption market: from the peak value of 5 trillion yuan to the loss of 1 trillion yuan, BTC ATH 126k broke its position of 2 billion yuan, and the tragedy of 150 million Bybit hackers. Ethereum Pectra upgrade, ETH 4955 ATH, DeFi TVL worth billions. Solana ETF goes live with 420 ATH, but hackers and inflation are holding back. Quick overview of major events: Meme frenzy: TRUMP/MELANIA collapse after a hundred times, Libra rug 90%。 Hacker Storm: Bybit 150 million, half year loss of 2.17 billion. Regulatory benefits: GENIUS/CLARITY Act, SEC settles with Ripple, XRP breaks 4. Meituan BTC/ETH, institutions increase their holdings. Narrative Rotation: AI/DeFi/ERP DEX/Privacy Prediction Market. Institutional harvest: ETF 50 billion, RWA 100 billion, with many retail investors experiencing overstocking. Lesson: Control risks, don't FOMO. 2026 deduction: Federal Reserve cuts interest rates, BTC 200k-350k，ETH 8k-18k， The total market value is 8-10 trillion yuan. Retail investors' career path: laying out regulatory friendly chains, DeFi robust protocols, AI agents+privacy coins. Manage leverage well and hold for the long term! The risk alarm bell rings: Encryption is like a battlefield, and when you wake up from a dream of overnight wealth, you may lose everything! Fluctuations are like roller coasters, leverage is a double-edged sword, hackers are constantly on the move, and regulation is unpredictable - don't throw your pension money into it, blindly following the trend is like jumping into a fire pit!