DWF Partner: The cryptocurrency market may be nearing bottom, and merger and acquisition activities are very active behind the scenes According to Andrei Grachev, a partner at DWF Labs, the cryptocurrency market may be nearing its bottom, with an estimated 15% volatility around the current price range. He believes that although professional investors are still actively deploying funds to real-world assets and projects with "grand visions," the market inflow of direct spot purchases has almost stagnated because cash holders can currently trade on extremely favorable terms. Meanwhile, merger and acquisition activities are very active behind the scenes, and many companies that have already generated revenue are planning to go public. He expects that most counterfeit projects will decline after a bear market, and only projects that truly work and drive business development will rise with the overall growth of the market in the future. Currently, retail funds are mostly concentrated on speculative platforms such as Pump Fun, but when the market recovers and coin prices rise, they will return to the market, chasing the assets currently laid out by mainstream funds and the newly emerging "grand vision" tokens. To summarize its core viewpoint: the market is approaching its bottom; Venture capital is active in investing in infrastructure, RWA, and other fields; Cash is king, and high-quality assets can be obtained at high discounts at present; There is no doubt about the long-term growth of the industry, and the core issue is survival rate.