Cryptographic assets in the United States are gradually entering a centralized regulatory framework. The legalization of exchanges and financial products has promoted the standardization of the market, but it has also weakened the essential attributes of decentralized assets like Bitcoin. Through financial instruments such as ETFs, the price volatility of cryptocurrencies is gradually decreasing, but this also means that their original anonymity and decentralized characteristics are gradually disappearing. The future of the crypto market is facing a profound contradiction between the ideal of decentralization and the centralized concentration of capital.