The crypto market scene is indeed becoming more intense.

The recent wave of actions can be summarized in one sentence: policy authorities have opened the floodgates, capital is frantically bottom-fishing, and even tech giants can't resist rushing in to mine for profits. Is this the dawn of a new era or just another bubble feast?

**Major Policy Shift: Gray Areas Enter the Mainstream Stage**

The current U.S. president took office as a "cryptocurrency advocate," immediately changing the game rules. The previous strict regulatory approach has been completely reversed, with pro-crypto legislation accelerating and even the president personally launching meme coins. The crypto industry, once shunned by financial institutions, has been thrust into the spotlight.

**Public Companies Collectively "Invest": Holding Coins Becomes Standard Practice**

Numbers speak volumes. Over 250 listed companies have included Bitcoin on their balance sheets this year alone, and that's not even the most outrageous part—some companies are treating crypto asset management as their main business. As stock market funds flood into this high-volatility sector, retail investors are also entering, and the situation has spiraled out of control.

**AI Companies Enter the Computing Business: Mining + Data Centers Running Side by Side**

Orion Compute, founded by early Bitcoin player Nick Rose, now operates on two tracks—Bitcoin mining and AI data centers. The strategy is clear: deploy computing power in regions with cheap electricity, lowering costs while betting on future technological developments. This combined approach reduces the risk of relying on a single business and allows them to capitalize on two major trends simultaneously.

The current situation is: policy, capital, and technology are all exerting force together. Whether this marks a new starting point for the crypto market depends on how you view the balance between risk and reward. What’s your take?