Recently, many industry insiders have been bearish on crypto assets, turning their attention to traditional commodities like precious metals, and even fiercely claiming that the crypto circle has become a sunset industry. But upon closer reflection, they might have overlooked a key point:

Markets that appear highly profitable due to long-term growth have themselves undergone decades of accumulation. The number of professional institutions, seasoned players, and savvy retail investors in these fields far exceeds that in the crypto space. In other words, the competition density, information efficiency, and arbitrage difficulty in traditional markets may not necessarily be more friendly than in the crypto world. Markets that seem mature are often more fiercely competitive.