[Bitwise CEO: The History of the Internet Bubble is Repeating in the Crypto Market, Future Leading Projects Will Exceed Expectations in Scale and Lifecycle] According to a report by Jinse Finance, on June 21, Bitwise CEO Hunter Horsley posted on the X platform, stating that in the 1990s, the internet was still a nascent phenomenon. Almost every idea seemed to have the potential to succeed. Hundreds of companies received valuations of $500 million to $1 billion based solely on 'future possibilities.' By the early 2000s, this optimism had burst. The market was no longer willing to buy into the stories of hundreds of companies. Instead, a few companies that truly proved their value and business models began to stand out. And because their success was built on verifiable, tangible results, their development cycles were longer, and their scale far exceeded the companies from the previous bubble era. Today, the crypto industry is undergoing a similar transformation. The future winners will be fewer, but these winners will achieve success based on proven real value and practical capabilities. Moreover, their scale will be larger than most people expect, and their growth will last longer than most anticipate.