HTX Ventures’ Latest Report | Pulse in the Cold: How x402 and ERC-8004 Signal Web3’s Next Technical Inflection Point
I. The Real Change Beneath the Cycle
Panama City, December 23 , 2025 —The crypto industry has once again entered a deep, subdued phase. Price volatility has tightened, sentiment has sunk to the bottom, and even teams that were once masters at manufacturing hype are starting to admit that “narratives don’t seem to work anymore.” It’s not just retail investors sitting on the sidelines; many institutions have slowed their deployment, preferring to wait for the next “clear direction” before committing.

