When institutions step in and asset tokenization takes off, retail investors still aren't completely out of the game. Retail investors still have at least one or two cycles of opportunities. First, with mainstream assets like $BTC/$ETH, and second, with quality or innovative projects. This cycle didn’t have an altcoin season, but we still saw projects like perp/prediction markets emerge. In the next cycle, there will still be new species popping up, maybe in AI economy/DePIN/asset tokenization... However, don’t expect a widespread altcoin season like the last two cycles—it’s basically exited the stage of history. Future opportunities will lie in specific tracks, and the difficulty level has increased by more than just one notch.