Hong Kong remains one of the most important financial centers for crypto and digital assets, and Consensus 2025 reinforced why it's a strategic location for us. With increasing institutional participation, evolving regulatory clarity, and a growing focus on AI and infrastructure plays, it was the right place to connect with funds and market makers driving capital flows. Unlike other conferences, this one wasn’t about builders - it was about the movement of capital and emerging market trends.

• Market sentiment is surprisingly bullish – Despite ETH and alts underperforming, the overall mood was positive, with many funds positioning for the next cycle.
• BTC Layer 2s gaining traction – There’s renewed interest in Bitcoin-based scaling solutions, especially for payments and liquidity.
• AI + Web3 crossover is heating up – Community-driven, open-source AI projects are gaining momentum.
• Everyone is bullish on AI, with particular excitement around Zero Gravity (one of our portcos).
• Huge interest in digital identity and human-like AI interactions—projects combining AI and crypto are attracting serious capital.
• DePIN, RWA, and stablecoins are strengthening – Infrastructure plays and tokenized real-world assets are becoming core verticals.
• Retail participation is shrinking – The "old retail" has become more educated, but new retail hasn’t arrived yet—market activity is dominated by institutional players.
• AVS confusion – Teams are unsure whether to use AVS (Active Verification Services) to decentralize or maintain control.
• Restaking and shared security awareness is low – Few teams are actively thinking about how to implement restaking and shared security models.
• Aptos shifting toward government partnerships – Aptos is moving away from retail and strengthening its ties with governments and institutions.

Consensus Hong Kong 2025 made one thing clear: Asia is overflowing with capital. The conference was packed with market makers, exchanges, funds, and traders—but not builders. Capital is flowing toward liquid strategies, quant funds, and stablecoin-based payment networks. AI-driven blockchain infrastructure, Bitcoin Layer 2s, and real-world asset tokenization are the most attractive verticals right now. Moonhill Capital is focusing on teams building in these areas with clear execution and institutional alignment.

Consensus Hong Kong 2025 wasn’t about the tech—it was about the money. The focus on liquidity, AI, and financial infrastructure reflects the market’s maturity and shift toward institutional-grade products. Asia’s capital strength is becoming a defining factor in how this market evolves, and the projects that adapt to this reality will be the next winners.