Group 1 - The crypto market is currently in a healing phase, positioning itself for future developments despite appearing quieter on the surface [1] - Regulatory progress in the U.S. has been encouraging, but there is a lack of excitement about the future potential of crypto, particularly in areas like gaming and DeFi [2] - Non-fungible tokens (NFTs) and decentralized gaming have struggled to find strong product-market fit, leading to a significant cooling of sentiment around these sectors [3] Group 2 - There is optimism that NFTs will return in a new form, as the underlying technology has been proven despite recent challenges [4] - Recent industry conferences have shifted towards a more institutional focus, resembling traditional business gatherings rather than the original crypto-native ethos [4] - The crypto market has not fully recovered from the crash on October 10, 2025, which was described as more damaging than the FTX collapse, significantly impacting retail traders and market makers [5][6] Group 3 - Many retail traders are still repairing their balance sheets after the October 10 crash, which left them with significant financial damage [6] - The focus during the crash was primarily on major players like Binance, while issues at smaller, unregulated exchanges went largely unnoticed [6] - There is a belief that the repair phase for the market may be nearing its end, indicating potential for recovery [7]