The era of top institutions casting wide nets is over.

Recently, the founder of a leading market maker and investment firm publicly stated that the market is shifting from rapid expansion to refined operations. This signal is quite significant — the investment logic is quietly being rewritten.

Let's look at the data — in 2025, only 23 projects were invested in, but nearly 600 companies were reviewed. In other words, the approval rate is only 4%. What does this mean? Out of 20 seemingly promising companies, only 1 can secure funding. The淘汰 process is quite intense.

There's also a detail worth considering. They specifically emphasized that investment decisions are completely independent of market-making activities — meaning they do not invest in projects just to gain market-making rights. This indicates that their investments are genuinely promising projects that can stand the test of time. The component of professional judgment is becoming more prominent.

From an investment structure perspective, it’s also quite clear. The focus is mainly on early-stage projects, predominantly Seed and Pre-Seed stages, using flexible instruments like equity, SAFE, and token warrants. This reflects that institutions value long-term companionship more and hope to align with the founding team’s vision. Short-term arbitrage strategies are now outdated.

Behind this shift are two core changes:

**A 180-degree shift in mindset**. During the last bull market, FOMO-driven broad casting and multiple positions were common. Now, the focus has shifted to cautious, in-depth, value-oriented selection. The psychological state is completely different.

**Higher standards and thresholds**. A 4% approval rate indicates that technical strength, team capability, economic model design, and market potential — all these evaluation dimensions — are being prioritized more than ever. Only truly capable projects can stand out.

The cooling down of the primary market is an inevitable trend. Even top institutions are this cautious, making it increasingly difficult for mediocre projects to secure funding, and market bubbles will gradually be squeezed out.

What does this mean for retail investors? The risks of chasing concepts and following hype around air coins are outrageously high. Future opportunities will be more concentrated in projects with solid fundamentals, reliable teams, and clear directions.

Deeper down, institutions are actively preparing assets for the next cycle. As individual investors, we also need to adjust our mindset — less chasing, more research, and focus on projects that can truly withstand cycles and hold onto them.

When the smart money in the market withdraws its wide nets and begins to strike precisely, we should understand one thing: the era of abundant gold is over. The next phase will be a test of vision and resilience.