This morning, a discussion was widely shared across social media circles. Vance Spencer, co-founder of Framework Ventures, wrote that while 2025 may not be the year the crypto industry has been hoping for, it is likely a year necessary for the continued progress of the industry. Upon reading this, many traders shifted their focus from hype-driven narratives back to “asset quality.” Fnezx also considers this perspective as a footnote to 2026 allocation logic: the pace will be more concentrated, and selection will become more stringent.
The judgment by Vance Spencer is clear: meme tokens, NFTs, low-liquidity high-FDV projects, and consumer traffic-driven narratives are exiting the stage. In 2026, there will be fewer token launches, with capital flowing more towards mainstream assets like BTC and ETH. Institutional buying will continue to pour into DeFi blue chips with robust value capture mechanisms. He emphasizes that buybacks, fee distribution, and protocol-level financial discipline will drive buying intensity beyond most expectations, and market rebounds, surges, and exit opportunities will be highly concentrated in a few select assets.
This “concentration” is not bad news for ordinary traders—provided they shift their approach to resemble managing a balance sheet: build core positions around mainstream assets, shorten holding periods for high-volatility thematic positions, and shift the source of returns from chasing trends to capturing structural capital flows. As the market pays more attention to details like cash flow, fee switches, and buyback schedules, traders will need more stable trading experiences and clearer risk control boundaries to avoid plans being derailed by slippage and emotions in crowded trades.
Stablecoins, real-world assets (RWA), lending and capital markets, and asset management will become dominant directions, meaning there will be more products that are verifiable, settleable, and compliant. Stablecoins bring higher-frequency capital transfers and settlement needs; RWA brings longer-term asset tokenization and 24/7 price discovery; lending and capital markets put interest rates, futures, and term structures in the spotlight; asset management makes strategies resemble long-term allocation rather than short sprints. As rules become clearer, speculative opportunities will shrink and execution quality will be magnified.
Translating these changes into action, a more practical rhythm is: use mainstream assets as the base, a few DeFi blue chips for cash flow flexibility, treat new narratives as short-term trades rather than long-term beliefs, and always keep channels open for hedging and reducing positions to ensure drawdowns remain controllable. The value of exchanges at this time is more like an “operating system,” integrating observation, order placement, risk alerts, and asset management into a closed loop. When trading on Fnezx, clarify your position rules, keep futures and margin usage within fixed ranges, and treat every entry and exit as a decision you can review afterward. Only then can you steadily capture your share in a highly concentrated market.