I. Audience Profile: Newcomers Hard to Find, Veterans Dominate Veterans Dominate: Over 60% of respondents have been in the industry for more than 3 years, with the "backbone" of 4-6 years of experience accounting for the largest proportion (41%). Lack of New Blood: The proportion of newcomers with less than 1 year of experience is extremely low. This explains why market liquidity repeatedly stalled in 2025—the market was mostly a game between experienced players. II. Investment Performance: Nearly 60% Profitable, but the "Pareto Principle" Remains Cruel Profitability: 57% of investors achieved profits, with 17.2% achieving substantial profits (over 50%). Losses: Approximately 27% faced losses. CJ's Observation: While the profit rate seems high, considering that BTC and many other major cryptocurrencies repeatedly hit new all-time highs in 2025, this data actually reflects that many people missed out on even greater gains due to "not holding on" or "over-investing in altcoins." III. Profit vs. Loss: The Paradox of Profit and Loss in the Same Track Dimension | Core Track / Key Reasons | Commentary Profit Tracks: Meme Coin (34%), Mainstream Coins (26%), DeFi (16%) Meme Coin remains the "only narrow gate" for ordinary users to achieve upward mobility. Loss Tracks: Meme Coin/Altcoins (28%), Contract Trading (26%), NFT/L2 (22%) Meme Coin is both honey and poison; contracts remain a "liquidation and money-shredding machine." Fatal Flaws: Failure to stop losses in time (33%), chasing highs and selling lows (45%) The hardest thing for investors to overcome is still the "illusion generated after being trapped." 🛠️ IV. Popular Products: Perp DEX Rises, Prediction Market Poised for Takeoff On-chain Contracts: 40% of users are starting to get used to using Perp DEX, with Hyperliquid dominating. Prediction Markets: Approximately 60% of users have participated in prediction markets. However, 40% of people have heard of it but haven't used it, meaning that platforms like Polymarket and Kalshi still have huge potential for explosive growth in 2026. V. 2025's "Heartbreaking" Get-Rich-Quick Opportunities (A Heartbreaking Retrospective) Q1: Trump-related tokens $TRUMP (an epic opportunity of the year), the AI Agent concept. Q2: Circle (CRCL)'s 10x increase after its US stock listing, igniting a crypto IPO boom. Q3: Plasma (XPL)'s "sunshine" of depositing 1U and receiving 10,000U, and $ASTER, which many people sold off for millions of dollars. Q4: The BSC ecosystem boom after CZ's return, and the value recovery of privacy coin $ZEC. 💡 CJ's 2026 Guide to Avoiding Pitfalls and Opportunities: Dollar-Cost Averaging is King: Surveys show that "dollar-cost averaging in BTC" remains the core holding strategy for most profitable investors. Beware of "zombie sectors": NFTs, GameFi, and some L2 technologies performed extremely poorly in 2025. Unless there is a major technological paradigm shift, caution is advised when considering investing in these sectors in 2026. Focus on "technology content": The combination of AI and encryption (DePAI), RWA, and financial payments (PayFi) are currently the most promising growth sectors for 2026.