On December 26, Cointelegraph published an article reviewing the events that will reshape the cryptocurrency industry in 2025. The article argues that the crypto industry was not dominated by a single narrative, but rather reshaped by a series of events including hacking attacks, macroeconomic shocks, regulatory legislation, and the integration of the financial system.
February | Bybit Suffers $1.4 Billion Theft At the beginning of the year, Bybit suffered one of the largest exchange thefts in its history, with the US attributing the attack to North Korean hackers. The incident brought renewed market focus to custody, signature processes, and exchange-counter risk, highlighting "operational risk" as one of the core systemic risks.
April | Tariff conflicts trigger a resonance among risk assets. Global tariff tensions escalated, and Bitcoin once fell to a low point this year. Crypto assets exhibited high-beta macro asset characteristics under stress, and their prices were highly sensitive to non-crypto news.
July | The GENIUS Act was enacted in the United States. Trump signed the GENIUS Act, which formally included "payment stablecoins" in the federal regulatory framework, clarifying the requirements for issuance, reserves, and auditing. For the first time, stablecoins have gained a clear legal status in the United States.
Late Summer to Autumn | Stablecoins Moving Towards Financial Infrastructure
Circle announced its IPO pricing, and Swedish fintech company Klarna launched its USD stablecoin, KlarnaUSD. Stablecoins are shifting from trading tools to payment and settlement infrastructure, entering the core focus of policymakers and institutions.
September | SEC accelerates the process for spot crypto ETPs
The United States has approved a universal listing standard for commodity trust units, allowing crypto ETPs to be listed under unified rules. This marks a key step in the commoditization and standardization of crypto assets in the capital market.
October | After hitting a record high, a wave of liquidations erupted. Bitcoin once broke through $125,000, then plummeted, triggering the liquidation of over $19 billion in leveraged positions, exposing the systemic reflexivity risk caused by the combined effect of ETP funds and high leverage.
December | Accelerated Integration, Simultaneous Tightening of Regulations
Circle and Ripple received approval to establish or transform into U.S. National Trust Banks; the UK launched a comprehensive regulatory consultation on cryptocurrencies; and Hong Kong-based HashKey listed on the Hong Kong Stock Exchange. Meanwhile, Terra founder Do Kwon was sentenced to 15 years in prison for fraud, bringing a significant case from the previous cycle to a close.
In summary, four long-term trends were established in 2025: operational and custody risks became core variables that could not be ignored; crypto assets were fully incorporated into the macro risk cycle; stablecoins were upgraded to financial infrastructure; market access expanded faster than risk constraints, and volatility did not disappear but was amplified.
