PANews reported on October 23rd that according to Bloomberg, data from Architect Partners showed that crypto industry mergers and acquisitions exceeded $10 billion for the first time in the third quarter, a more than 30-fold increase from a year ago. The article mentioned the acquisition of 21shares by cryptocurrency market maker FalconX, saying the deal highlights a broader trend: cryptocurrency experts are entering traditional investment channels through regulated products. Trump's policies and the resulting M&A boom have changed the strategic calculations of companies like 21shares. With regulatory barriers easing, Wall Street giants have entered the cryptocurrency field—forcing incumbents to build their own competitive barriers.