Lauren Stephanian, partner at Pantera Capital, said that crypto venture capital investment is expected to increase in 2025 as pro-crypto policies in the United States drive, and investors are more positive about the deployment of funds. Stephanian pointed out that the bull market will not last long, and it remains to be seen when it will begin to slow down in 2025. Pantera will continue to invest widely in crypto and blockchain, with a focus on crypto AI, decentralized physical infrastructure networks (DePIN), and new Layer 1 blockchains with stronger application layer capabilities.