10K Ventures Annual Report is divided into two parts. This part shares our thoughts on 2024 and does not constitute investment advice. This section mainly covers aspects of 2024, specifically including: the impact of ETFs, DEX vs CEX, whether the application chain stable vs on-chain asset management industry has entered the PE moment? 01. ETFs and giants dominate the market. BTC ETF has seen a significant net inflow over the year, with pricing power shifting to North American institutional investors. After the approval of the BTC ETF this year, North American BTC ETFs began to increase their holdings on a large scale. As of December 25, North American ETFs held a total of 1.19 million BTC, accounting for 5.66% of all BTC. The progress of ETH ETFs has been relatively slow and is currently in the stage of handover from insiders to outsiders. As of December 26, ETFs cumulatively held 3% of ETH. 02. DEX Flip CEX? The ceiling for on-chain spot trading may be gradually approaching its limit. The trading volume of dex/cex may have a certain ceiling. Hyperliquid stands out, with a significant increase in the dex/cex futures trading volume in November. 03. Solana/Base/Ton competing fiercely. Pump.fun alone contributed half of Solana's trading volume. The Solana Memecoin has succeeded at a great cost. AI Agent leads Base to prominence. Aside from Tap2Earn, where is Ton's breakthrough point? 04. Stable computing ❌ On-chain asset management ☑️ Ethena - maximizing yield. Usual - decentralized fiat collateral. 05. Has the industry entered the PE moment? A larger scale of OTC models started to appear in 2023.

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