From "emotion driven" to "structure driven", the cryptocurrency market is undergoing changes. Listening to @ xiejiayinBitget's sharing of Bitget's development strategy under new trends, I have a lot of insights. As an investor who looks at both the US stock market and the cryptocurrency industry, I have also written a lot of tweets about securities tokenization in the past year. Here is https://(x.com)/qinbufark/status/202660289, 1998539876? S=46&t=k6rimWSEbo2D2TXolYcM-A and https://((x.com))/qinbufark/status/194582573179332468? S=46&t=k6rimWSEbo2D2TXolYcM-A has reviewed nearly 30 tweets about securities tokenization and asset on chain in the past. Currently, traditional financial institutions are actively migrating their traditional financial securities infrastructure to the blockchain, while crypto native asset platforms (whether CEX or on chain platforms) are also actively embracing tokenization. This trend of integration will become increasingly evident in the next 26 years. The page shared by Jiayin provides a great explanation of the current trends in the cryptocurrency market, and the summary is very accurate. 1) What has happened in the industry? ETFs and institutions are competing to enter, and the market maturity is increasing; The market structure changes, and the higher the maturity, the more differentiated the market becomes. The concept of "new normal of the cryptocurrency market" was first proposed in 2024, which essentially means that the structure of the cryptocurrency market is undergoing changes; The changes in trading behavior and market structure have also led to more mature and rational investors who have gone bankrupt. 2) Trading behavior is being restructured From manual to AI assisted, from single point to strategy combination, from individual to increasingly institutionalized. Against the backdrop of an increasingly mature market and rational investors, ordinary investors are becoming more aware of their own ability boundaries and are increasingly using AI to help them organize information and refine strategies. Strategy portfolios are no longer exclusive to institutions and top investors. 3) Asset boundaries are disappearing This may be the most genuine feeling we have. In the past, cryptocurrency was our own small circle. With the efforts of exchanges such as ETFs and Robinwood, more and more traditional investment institutions and investors are beginning to accept cryptocurrency as a true major asset class; Thanks to the stablecoin bill, upcoming clear bills, and the push from the SEC and CFTC, an increasing number of real assets are being transferred to the blockchain through tokenization, making it more convenient and efficient for cryptocurrency users to trade mainstream assets in traditional financial markets such as stocks, precious metals, commodities, and foreign exchange. Especially since March, the significant fluctuations caused by the situation in Iran have prompted many traditional financial market traders to switch to on chain trading due to macroeconomic fluctuations during the weekend closure period of traditional markets. All of this reveals that the previously distinct market boundaries are rapidly disappearing, and investors from different financial markets are quickly facing each other. 4) Users are changing This is also the second point mentioned above, because the market structure has changed and its maturity is getting better and better. It forces users to be more rational, value long-term, and prioritize security and stability. What is the ultimate change that this will bring? It's the super app that SEC Chairman Atkins mentioned earlier: A comprehensive platform for one-stop trading of commodities such as stocks, bonds, encrypted assets, precious metals, agricultural products, and foreign exchange, which may be the ultimate destination for both traditional and cryptocurrency exchanges in the future. From this perspective, it can be said that @ Bitget_zh in Chinese cryptocurrency exchanges may be the most proactive and quick to embrace the trend of tokenization. In September last year, it was first announced to transform into Universal Exchange (UEX Panoramic Exchange), officially introducing traditional financial asset trading capabilities into the platform. Launching Bitget TradFi, allowing users to directly trade traditional assets such as stocks, gold, forex, indices, and commodities using stablecoins on the Bitget platform. This benefit allows for easy multi asset allocation within the same platform, and also enables investors to enter the crypto ecosystem with low barriers through familiar TradFi products, managing all trades with one account. A few days ago, I wrote about how on chain asset platforms can break through the wave of tokenization. The core logic is to quickly launch the world's most popular assets, starting from the US stock market and not limited to it. The main focus is to win by surprise, overtake in the curve, and try to maximize their strengths; The leading CEX teams, on the other hand, need to maintain their composure and engage in positional warfare on the front lines, consolidate their base areas, and gradually expand. Borrowing hard fortresses, fighting idle battles, and taking steady steps to build a camp ", there should be no shortcomings. Observing how native cryptocurrency exchanges embrace new trends in the wave of securities tokenization may also be a better sample case for future business strategy transformation iterations. Continuously tracking and observing the transformation, iteration, and evolution of various platforms would be an interesting thing, as it is a real and vivid case of business warfare for us.