据 SoSoValue，2024–2025 年加密市场出现明显结构性分化。现货比特币 ETF 获批后，合规资金主要集中于 BTC，削弱了资金向以太坊及山寨币赛道的外溢效应。数据显示，BTC 两年上涨约 90%，而 Layer2、GameFi 等叙事型赛道回撤普遍超过 80%。本轮行情并非全面牛市，而是资金围绕合规确定性与核心资产进行的选择性配置，山寨币整体流动性持续承压。

<div>据 SoSoValue，2024–2025 年加密市场出现明显结构性分化。现货比特币 ETF 获批后，合规资金主要集中于 BTC，削弱了资金向以太坊及山寨币赛道的外溢效应。数据显示，BTC 两年上涨约 90%，而 Layer2、GameFi 等叙事型赛道回撤普遍超过 80%。本轮行情并非全面牛市，而是资金围绕合规确定性与核心资产进行的选择性配置，山寨币整体流动性持续承压。<br><br></div>

SoSoValue：2024–2025 年加密市场出现明显结构性分化

According to SoSoValue, the crypto market experienced significant structural differentiation in 2024-2025. Following the approval of spot Bitcoin ETFs, compliant funds primarily concentrated in BTC, weakening the spillover effect of funds flowing into Ethereum and Altcoin. Data shows that BTC rose by approximately 90% over two years, while narrative-driven sectors such as Layer 2 and GameFi generally experienced drawdowns exceeding 80%. This round of market activity was not a comprehensive bull market, but rather a selective allocation of funds around compliance certainty and core assets, with overall liquidity in Altcoin remaining under pressure.

<div>According to SoSoValue, the crypto market experienced significant structural differentiation in 2024-2025. Following the approval of spot Bitcoin ETFs, compliant funds primarily concentrated in BTC, weakening the spillover effect of funds flowing into Ethereum and Altcoin. Data shows that BTC rose by approximately 90% over two years, while narrative-driven sectors such as Layer 2 and GameFi generally experienced drawdowns exceeding 80%. This round of market activity was not a comprehensive bull market, but rather a selective allocation of funds around compliance certainty and core assets, with overall liquidity in Altcoin remaining under pressure.<br><br></div>

SoSoValue: The crypto market will see significant structural differentiation in 2024-2025.

Over the past six months, I've gone from being an observer of Web3 to entering the payment industry. Now, I've chosen to stop and cease working on Web3 payments.

This isn't a retreat after a failure, but rather a judgment and adjustment made after truly getting involved. In these past six months, I've traveled to Yiwu, Shuibei, Putian, and even Mexico, seeing how payments are actually implemented in the most prominent places mentioned in reports. I've also been involved, building a Web3 payment MVP, taking over accounts, developing Web3 payment tools, and trying to run my imagined path from the first step to the last.

But the further I went…

An entrepreneur's account: From beginning to end, why I stopped developing Web3 payments.

Key Highlights:
Chrome extension of the Trust Wallet was breached today, December 26, 2025, which drained $7 million from the users.
Only browser extension had been affected.
ZachXBT has also flagged ...

Trust Wallet Hack: $7M Drained, Scammer Exposed by ZachXBT

Cardano price remains in a deep bear market, continuing a sell-off that started in December last year when it peaked at $1.3245. It was trading at $0.3565, down by ~73% from its December peak, and its...