Lauren Stephanian, a partner at Pantera Capital, stated that with the US pro-crypto policy driving forward, cryptocurrency venture capital is expected to increase in 2025, and investors will hold a more positive attitude towards deploying funds. Stephanian pointed out that the bull market will not last too long, and it remains to be seen when it will begin to slow down in 2025. Pantera will continue to make extensive investments in the cryptocurrency and blockchain fields, focusing on encrypted AI, decentralized physical infrastructure networks (DePIN), and new Layer 1 blockchains with stronger application layer functionality.