This week, the Bitcoin options market has reached a turning point. This Friday will face the largest options expiration in history, and the market generally expects this to be an important catalyst for Bitcoin's rise. Meanwhile, stablecoins and prediction markets continue to be focal points for institutional deployment, and the performance of long-established projects is also worth paying attention to.

Speaking of fundraising, 2021 was indeed a crazy year. According to venture capital data, that year crypto technology startups received $25.2 billion in funding, a 713% increase compared to $3.1 billion in 2020. But in the blink of an eye, four years have passed, and reality has given us a harsh wake-up call — out of more than 400 projects that secured high funding, only a few are still alive. Most projects have long disappeared, some announced shutdowns, some pivoted to other ventures, and some were hit hard after being looted by hackers, even some suffered heavy losses due to chain reactions from major events. Many more have become zombie projects, lying there lifeless.

This market has never been tested by the size of funding alone, but whether projects can truly deliver value. As of last night, the three major US stock indices advanced together, with the S&P 500 reaching new highs. But back in the crypto world, in the past 24 hours, the entire network experienced liquidations of $182 million, with long positions being the main victims. Brevis recently announced its tokenomics plan, with a total of 1 billion tokens, of which 32.2% are allocated for community incentives. Putting these data together paints a true picture of the market in 2025 — opportunities and traps coexist.