#DeFi生态发展 After reviewing this analysis, I must honestly say: the 2026 "winter" forecast is nothing new, but Cantor and Framework Ventures' judgment indeed hits the key point—price pressure does not equal industry collapse; the crucial factor is who is bottom-fishing.

From a follow-trading perspective, the most interesting aspect of this cycle is the shift in institutional influence. The frenzy of chasing gains and panic selling during the retail era is gone; the game rules have completely changed. The divergence between token prices and on-chain fundamentals is widening, essentially meaning the market is re-pricing—projects without real value capture will be thoroughly sidelined, while blue-chip sectors like DeFi, RWA, and lending with cash flow are where institutions are truly deploying.

What does this mean for follow-trading strategies? Simply put, you need to start discerning whether the traders you follow are chasing hot topics or genuinely building on fundamentals. The strong operators in 2026 are unlikely to be short-term traders relying on emotion and hot-switching, but rather mid- to long-term players who can accurately identify the deployment directions of DeFi institutions.

If you're still following accounts that get rich quick through Meme coins and low FDV projects, you might seriously consider switching tracks. Before the winter arrives, high-quality targets will become increasingly scarce, and traders who can persist will become more valuable—this cycle will reveal who truly has the skills.