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IOSG founding partner Jocy posted on social media, "2025 will be the darkest year for the crypto market and the dawn of the institutional era. This is a fundamental shift in market structure, while most people are still viewing the new era through the lens of old cycles. A review of the 2025 crypto market shows a paradigm shift from retail speculation to institutional allocation, with core data indicating institutional holdings at 24% and retail investors exiting at 66%, completing the turnover in the crypto market. Although BTC fell by 5.4% in 2025, it reached a historical high of $126,080 during that period. The market dominance has shifted from retail to institutions. Institutions continue to build positions at 'high levels' because they are not focused on price, but on cycles. Retail investors are selling, while institutions are buying. This is not the 'top of a bull market,' but rather the 'institutional accumulation period.'In November 2026, there will be midterm elections. Historical patterns indicate that 'policy precedes election years,' so the investment logic should be: the first half of 2026 will be a policy honeymoon period with institutional allocation, optimistic about the market; the second half of 2026 will see political uncertainty and increased volatility. However, there are still risks such as Federal Reserve policies, a strong dollar, potential delays in market structure legislation, continued selling by long-term holders, and uncertainty regarding midterm election results. But the other side of risk is opportunity; when everyone is bearish, it is often the best time to position.Short-term (3-6 months): Fluctuation in the range of $87,000 - $95,000, institutions continue to accumulate.Mid-term (first half of 2026): Driven by policy and institutions, target $120,000 - $150,000.Long-term (second half of 2026): Increased volatility, watch for election results and policy continuity.This is not the peak of a cycle, but the starting point of a new cycle. 2025 marks the acceleration of the institutionalization process in the crypto market. Although BTC's annual return is negative, ETF investors show strong HODL resilience. On the surface, 2025 appears to be the worst for crypto, but in reality, it features the largest scale of supply turnover, the strongest institutional allocation willingness, the clearest policy support, and the most extensive infrastructure improvement. Although prices fell by 5%, ETF inflows reached $25 billion, optimistic about the first half of 2026. Key points to watch in 2026 include: legislative progress on market structure bills, the possibility of strategic Bitcoin reserve expansion, and policy continuity after the midterm elections. In the long term, the improvement of ETF infrastructure and regulatory clarity will lay the foundation for the next round of increases. When the market structure undergoes fundamental changes, old valuation logic will fail, and new pricing power will be rebuilt."

ChainCatcher news reports that according to social media information, Jocy, the founding partner of IOSG, believes that this public offering by Pump.fun is more like participants acting as exit liquidity, making it a highly speculative gamble.Jocy stated that since its launch in early 2024, Pump.fun has experienced explosive growth, with cumulative protocol revenue reaching approximately $700 million, becoming one of the most profitable projects in the cryptocurrency space. However, Pump.fun's daily revenue has decreased by 92% from its peak, currently standing at only about $500,000. The market value of the graduated project has dropped from several tens of millions of dollars to a freezing point of $50,000 to $100,000. Its market share has also been surpassed by competitor LetsBonk (holding 51%), with Pump.fun dropping to 39.9%.From the perspective of token economics and risk exposure, this round of ICO targets retail investors (15%) and institutions (18%), selling a total of 33% of the tokens, corresponding to a financing amount of up to $1.32 billion. Along with past fee income, the http://Pump.fun team will hold nearly $2 billion in cash. This presents a highly unfriendly risk exposure for public investors:Opaque governance structure: The decision-making process is a mystery.Unclear release terms for team/investors.Overvaluation financing excessively overdraws future growth potential.Jocy believes that the Pump.fun team has neither the willingness nor the ability to "pump" or "control" the market. They have already amassed significant wealth through fees, and this ICO is more like a final "value realization" (Exit Liquidity). In the current market environment, where buying pressure is severely lacking, such a high valuation cannot be supported. This is completely different from the valuation support logic of Hyperliquid. Jocy considers this public fundraising a highly speculative gamble rather than a fundamental investment. The invested funds should be regarded as risk capital that could be completely lost. The market has already shown signs of fatigue regarding the growth potential of meme launch platforms and altcoins. Investors are advised to wait until the tokens have been traded on the open market for a week before making decisions, to observe the real market reaction.

ChainCatcher news, Ethereum Foundation's new Executive Director Tomasz Stańczak and former Managing Director of IOSG Ventures Gökhan Er announced the establishment of Lantern Capital, focusing on early-stage venture capital for Web3 projects.In addition, Lantern Capital will establish an exclusive strategic partnership with Nethermind, integrating Nethermind's technological advantages with Lantern Capital's research strengths to jointly explore potential projects.Lantern Capital is committed to investing in visionary founders who view blockchain as the economic, verification, governance, and identity infrastructure of the upcoming AI era. Lantern Capital will also focus on investing in high-potential early-stage projects within the Ethereum ecosystem and other multi-chain compatible projects, strategically capturing investment opportunities in early primary and secondary markets.

ChainCatcher news, IOSG Ventures founder Jocy Lin stated that recently, core developers of portfolio projects have left the crypto industry to venture into AI entrepreneurship. He pointed out that the current crypto industry is overly focused on short-term meme effects, neglecting the creation of long-term value, which may lead to more talented individuals moving to the AI field. Once these individuals shine in the AI industry, it will be difficult for them to return to the crypto space.Jocy emphasized that many entrepreneurs and developers aim not only for wealth but also to change the world through innovation. However, if the industry environment no longer pursues ideals and values, these individuals will gradually leave. He called on exchanges and investment institutions to encourage pragmatic innovation and focus on long-termism rather than speculative quick money, to avoid the entire industry falling into a negative cycle. He believes that the crypto industry still possesses creativity but requires more responsible ecological support.

ChainCatcher news, ChainCatcher will hold the "Where is the Future of On-chain Trading Behind Hyperliquid and Whale Games?" X Space today at 20:00 (UTC+8). Guests attending the Space event include: EVG partner Sean Tao, on-chain expert Yuyue, BTX Capital COO Lucio, Bitget research director Jarseed, IOSG investment researcher Danny, and 0G labs Chinese head Jt Song.From the active liquidation that caused a $4 million loss to the HLP vault, to the emergence of the "Whale Hunting Squad," why is the strategy of "Hyperliquid 50x leverage whales" so precise? Tune in tonight to ChainCatcher X Space and join us as we look back on this thrilling contest and explore the future direction of the game.

ChainCatcher news, Solana ecosystem DePIN project Shaga announced the completion of a $4 million financing round, led by IOSG Ventures, with investors including Everyrealm, Amber Group, MH Ventures, and several angel investors.Shaga is dedicated to reshaping the gaming experience, breaking through hardware bottlenecks, and providing ultra-low latency and high-performance gaming, aiming to allow billions of players worldwide to enjoy the ultimate gaming fun. By adopting edge computing technology, Shaga brings a cloud gaming experience to users, enabling anyone to set up nodes and share games. Players can participate in the DePIN network at a lower cost and with lower latency without the need to purchase specialized hardware, significantly lowering the entry barrier to the ecosystem.Previously, Shaga had just completed a $1 million angel round financing in June 2024.

ChainCatcher news, Momir Amidzic has been promoted to Managing Partner of IOSG Ventures. As Managing Partner, Momir Amidzic will continue to lead key investment projects, deepen IOSG Ventures' collaboration with entrepreneurs, and drive forward-looking strategies to accelerate the growth of the company's portfolio.