According to Bijie.com, at the 2025 Blockchain Life Summit in Dubai on October 29th, Alec Goh, Head of Huobi HTX Ventures, stated that the October 11th market event exposed the structural fragility of the current crypto market, including insufficient liquidity, concentrated leverage risk, and a high dependence on a few large market makers. He pointed out that the automatic deleveraging mechanism of exchanges amplified market volatility during the event, leading to a further decline in market depth. He believes the market is currently in a consolidation phase of the "post-speculation era," similar to the cycles of 2016 or 2019. During this phase, although market enthusiasm has decreased, infrastructure builders are steadily accumulating market share. To restore retail investor confidence, the industry needs to refocus on robust liquidity design, security systems, and high-quality projects. Regarding future trends, Alec believes that the integration of AI and blockchain is entering a substantial construction phase. In the next 2-3 years, direct interaction between AI agents and smart contracts, as well as new financing models such as "Initial Model Offerings (IMOs)," may emerge, which could become the core driver of the next round of growth. He added that Huobi HTX Ventures is currently focusing on projects that make blockchain "more usable and practical," including DeFi, infrastructure, AI Agents, and RWA tokenization, with the aim of driving the transformation of blockchain from a technological tool to mainstream financial and technological infrastructure.