Hashed partner: It is unlikely that the funding level will return to the high point of 2021-2022, and unsustainable projects will decline.

On December 31, Simon Seojoon Kim, CEO and Managing Partner of Hashed, stated that although Trump's comments on BTC as a US treasury asset suggest a possible shift in institutional sentiment, funding levels are unlikely to return to the highs of 2021-2022. However, a major change could occur if there is a macro or political Black Swan Event. Kim pointed out that the market in 2025 may be influenced by Favourable Information such as US regulatory transparency, increased institutional activity in the Asian market, and infrastructure progress. On the downside, Kim warned that risks such as regulatory setbacks, macroeconomic uncertainty, and geopolitical tensions may suppress the rise. Hashed's 2025 investment focus includes DePIN, institutional-grade Decentralized Finance applications, regulated stablecoin payment systems, and encryption AI infrastructure - areas that Kim believes have clear product-market fit, compliance pathways, and validated revenue potential. In contrast, he expects reduced funding for speculative GameFi projects lacking sustainable economics, non-unique Layer 1 and Layer 2, consumer Decentralized Finance applications in restricted jurisdictions, and Non-fungible Token platforms without a clear utility or revenue model. Hashed plans to close (end fundraising) its third risk fund before the first quarter of 2025 and launch a new investment vehicles in Abu Dhabi aimed at promoting direct token investment under the regulatory framework of the region.