a16z explained the reasons for launching its $2.2 billion crypto fund, Crypto Fund 5, stating that the crypto industry typically follows an evolution path of 'speculation—construction—settlement': funds and attention flood in during peak periods, some of which are wasted, but this also drives the construction of key infrastructure. When the bubble bursts, what remains is often more practical and long-term value outcomes. Currently, the market is in a relatively 'calm phase', but the underlying development signals are among the most positive in recent years, with stablecoins seen as the clearest example, now widely used for savings, cross-border payments, and daily transactions. The on-chain finance sectors, including perpetual contracts, prediction markets, and on-chain lending, are also continuing to develop, while traditional assets are gradually being tokenized, and there has been positive progress on the regulatory front, paving the way for mainstream institutional entry.