Author: NextGen Digital Venture
Original link: https://mp.weixin.qq.com/s/UvNu40WZklNQCTw7OzRA0g
Disclaimer: This article is a reprint. Readers can obtain more information through the original link. If the author has any objection to the reprint format, please contact us and we will modify it according to the author's request. This reprint is for information sharing only and does not constitute any investment advice, nor does it represent Wu Blockchain views or positions.
Core Summary TL;DR
2025 is destined to leave a significant mark on financial history, marking a watershed year for the digital asset industry as it moves from the periphery to the core, and from speculation to institutionalization. After the market's rapid rise in 2024, it entered a period of fluctuation and adjustment. BTC underperformed most traditional asset classes this year, but the improvement of industry infrastructure and regulatory framework has laid a solid foundation for a recovery in 2026.
If 2024 marked the opening of the door to traditional finance with the approval of spot ETFs, then 2025 was the year that cryptocurrencies underwent a fundamental restructuring in terms of regulatory framework, market structure, and asset class. This year, the global financial system witnessed unprecedented legislative breakthroughs, particularly in major economies like the United States, where the implementation of regulatory frameworks ended a decade-long period of gray-area operation.
However, this maturity has not come without a price. The industry experienced dramatic fluctuations this year, triggered by geopolitical games, industrial-scale thefts launched by state-sponsored hacking groups, and a new paradigm of volatility brought about by crypto assets as an amplifier of sentiment.
As 2025 draws to a close, we have selected nine key news events that reshaped the industry this year for detailed in-depth analysis. These nine events are divided into three categories: the establishment of regulatory frameworks (3 policies), the rise of new trading categories (3 new categories), and negative events that tested the industry's resilience (3 industry upheavals).
I. The First Year of Regulation: Three Major Laws Define Global Compliance Boundaries
2025 is being called the “constitutional moment” for crypto regulation, as major economies finally shift from “prohibition and restriction” to “framework integration.” The legislative measures of major economies such as the United States have directly defined the global regulatory landscape for crypto assets.
1. The U.S. GENIUS Act: The Digital Guardian of Dollar Hegemony
On July 18, Trump signed the National Stablecoin Innovation Act (GENIUS Act), which established strict rules for the stablecoin market:
• 100% reserve requirement : Issuers must maintain 1:1 reserve backing at all times, and can only use highly liquid assets such as US dollar cash and short-term US Treasury bonds;
• Prohibition of interest accrual : To prevent stablecoins from becoming "shadow banks," their legal status as "payment instruments" must be clearly defined;
• Federal unified regulation : The Office of the Comptroller of the Currency (OCC) regulates non-bank issuers, while traditional banks continue to be regulated by existing regulations. It also clarifies that stablecoins are neither securities nor commodities, thus resolving long-standing regulatory disputes.
The deeper ambition lies in the hegemony of the US dollar—the bill effectively prohibits non-compliant foreign stablecoins (such as USDT) from entering the US market, allowing compliant US dollar stablecoins such as USDC to dominate, and ensuring the US dollar's status as the global reserve currency in the digital age.
2. The U.S. Clarity Act: Ending the Regulatory "Civil War"
If the GENIUS Act governs the payment layer, the Clarity Act for Digital Asset Markets addresses the core challenge of asset classification:
• Create a new category of "digital goods" : defined as assets deeply integrated with the blockchain system whose value originates from the use of the system;
• Asset convertibility: As long as the project passes the "decentralization test" and proves that there is no single entity controlling it, tokens that were originally identified as securities can be converted into digital goods;
• The Commodity Futures Trading Commission (CFTC) takes control of the spot market : The CFTC is granted exclusive regulatory power over the digital commodity spot market, and exchanges can operate in compliance simply by registering as "digital commodity exchanges," ending the previous tug-of-war between the SEC and the CFTC over jurisdiction.
Although the bill is still under review in the Senate, market participants have already made preparations, with institutional funds flowing in, waiting for the compliant trading dividends that may come after its implementation in 2026.
3. CZ's Pardon and SEC's Withdrawal of Lawsuit: A Significant Shift in Regulatory Attitude
In 2023, Binance reached a $4.3 billion settlement with the Department of Justice. As a condition of his guilty plea, Binance pledged to implement comprehensive compliance reforms. CZ admitted to the minor charge of "failed anti-money laundering procedures" and was released in September 2024 after serving four months in prison.
On May 30, 2025, the U.S. Securities and Exchange Commission (SEC) officially dropped its lawsuit against Binance and its founder, CZ(CZ). This "non-reopenable" withdrawal marked a reconciliation after a three-year regulatory battle. Then, on October 23, President Trump signed a pardon, exonerating CZ from his previous criminal convictions. White House Press Secretary Carolyn Levitt stated, "The Biden administration's war on cryptocurrency is over."
For the industry, this event marks a shift in US regulation from "crypto wars" to "compliance integration," providing a model of "reconciliation + regulation" for the entire crypto industry.
II. New Product Launch: Three Major Trading Categories Reshape Financial Gameplay
After the regulatory fog cleared, a number of new species emerged in the crypto market in 2025, combining traditional finance (TradFi) and decentralized finance (DeFi), completely disrupting the pattern of single-token trading.
4. Circle IPO: Stablecoin Giant Goes Public on Wall Street
On June 4th, USDC issuer Circle went public on the NYSE (ticker symbol: CRCL), marking a significant event in the marriage of the crypto industry and traditional finance.
• It became an instant hit upon listing : The offering price was $31, and it doubled to $69 on the first day of trading, reaching a high of $298, with its valuation soaring at one point;
• Earning money relies on interest : Financial reports show that revenue mainly comes from interest on hundreds of billions of dollars in reserve assets (US Treasury bonds), but is highly dependent on the Federal Reserve's interest rate policy;
• Transformation into a crypto bank : By the end of the year, it will receive conditional approval from the Office of the Comptroller of the Currency (OCC) to establish the "First National Digital Currency Bank," which will directly store reserves with the Federal Reserve, eliminating its reliance on third-party banks.
However, at the end of the year, affected by interest rate adjustments and policy implementation falling short of expectations, the stock price fell back to around $81. This volatility exposed the fragility of its business model—when the Federal Reserve begins its interest rate cut cycle, interest income from reserve assets will decline significantly, and its single profit structure will be its main challenge, putting pressure on restructuring its valuation logic.
5. On-chain US Stocks + Prediction Markets: Completely Breaking Down Financial Boundaries
By 2025, blockchain technology will begin to engulf traditional finance and information markets, leading to explosive growth in two categories:
• Democratization of Prediction Markets : When people wager their own money (Skin in the Game), their stakes are high, making the market, as a whole, closer to the truth. This authenticity and accuracy of predictions propelled prediction markets to a full-fledged expansion in 2025. Robinhood partnered with the compliant prediction market platform Kalshi to launch event contract trading within its app, allowing tens of millions of retail investors to bet on Federal Reserve decisions, election results, sporting events, and even the weather. Robinhood's prediction market trading volume doubled every quarter, reaching 2.3 billion contracts in the third quarter and a further 2.5 billion in October, once again providing an opportunity for prediction markets to expand beyond their traditional boundaries.
• 24/7 On-Chain Trading of US Stocks : The market capitalization of tokenized stocks has surged by 2695%. The tokenization of US stocks such as Nvidia and Tesla has broken the T+2 settlement and trading time restrictions, allowing global investors to trade at any time. Giants like BlackRock and Franklin Templeton are also expanding their tokenization funds, as financial assets migrate from centralized databases to the blockchain. Meanwhile, the tokenization of gold has reached nearly $4 billion, resonating with this year's over 60% increase in gold prices, providing investors with new exposure to precious metals. Notably, the SEC Chairman recently stated publicly that they are advancing a strategic plan to migrate all assets to on-chain trading within the next two years.
6. Digital Asset Treasury (DATs): Listed companies are frantically hoarding cryptocurrencies.
The "Bitcoin reserve strategy," pioneered by MicroStrategy, became an industry standard in 2025—142 publicly traded companies worldwide included cryptocurrencies in their core treasury assets, with 76 new additions throughout the year, 89% of which were US-listed companies. MicroStrategy (MSTR), as a leading company in this model, saw its market capitalization surge to a peak of $113.5721 billion in June of this year (current market capitalization of $44.7151 billion as of December 30, 2025), becoming an undeniable "Bitcoin proxy stock" in the US stock market.
• Profit-making logic : Issue stocks, convertible bonds, and preferred stock to raise funds, use fiat currency to buy Bitcoin, the stock market premium is higher than the net asset value of holding Bitcoin, then issue more stocks to buy more Bitcoin, forming a self-reinforcing profit flywheel;
• Asset diversification : Bitcoin still accounts for 83.3% of holdings, but Ethereum and Solana are becoming more popular, with some companies hoarding ETH as "Ethereum network growth proxies".
III. The Darkest Hour: Three Crises Test the Industry's Resilience
Despite the combined benefits of regulation and innovation, the crypto market still experienced three painful "stress tests" in 2025, exposing the industry's vulnerabilities.
7. Trump Token Issuance: Market Frenzy Triggered by Presidential Endorsement
On January 17, three days before Trump's inauguration, Solana issued a meme coin (code: _2024111120230_) on its blockchain. After confirmation by Trump's official account, its market capitalization surged to $14 billion within 48 hours. This phenomenal event is shrouded in multiple controversies:
• Conflict of interest : 80% of the tokens are controlled by the Trump family. The president’s crypto policies will directly affect his personal wealth, causing huge ethical controversies. Critics point out that this constitutes an unprecedented conflict of interest. Any crypto-friendly policies implemented by the president (such as firing the SEC chairman or implementing the GENIUS Act) will directly increase his personal wealth.
• Market Diversion Effect : The Trump family, through World Liberty Financial ($WLFI), simultaneously deployed compliant financial infrastructure (including stablecoins and lending protocols) and speculative meme coins$TRUMP. A massive influx of retail funds$TRUMP led to a temporary liquidity crunch$WLFI, reflecting a temporary divergence between speculative demand and the development of compliant pathways.
The controversy and expansion of the USD1 stablecoin : The launch of its USD stablecoin, $USD1, has once again shaken the market. This project perfectly aligns with the standards of the GENIUS Act signed by Trump—100% backed by US Treasury bonds and custodied by BitGo. The market reaction has been complex. On one hand, due to the implicit endorsement of a "presidential family project," USD1 has quickly gained integration with numerous DeFi protocols and is considered the stablecoin "least likely to be targeted by regulators." On the other hand, this behavior of "signing regulatory bills with one hand and launching compliant products with the other" has sparked significant ethical debates regarding conflicts of interest. The rise of WLFI marks a new stage in the development of crypto assets, moving from "grassroots rebellion" to "political capitalization."
8. Security Crisis: Nationwide Hacking and Law Enforcement Black Boxes
Cryptocurrency thefts in 2025 resulted in losses exceeding $3.4 billion, with attack methods becoming increasingly sophisticated.
Bybit was robbed of nearly $1.5 billion : North Korean hackers compromised internal privileges through spoofed job offers and phishing emails, injecting malicious code into the cold wallet signing process, proving that "humans are the weakest link."
The US seized approximately 127,000 bitcoins (once valued at $15 billion) from Chen Zhi, who is suspected of money laundering. However, the specific technical methods used have not yet been disclosed. This "black box enforcement" makes it difficult for the market to assess the true boundaries of wallet security, becoming an unknown risk hanging over the industry.
9. October 11 Massive Liquidation: $19 Billion Vanishes
On October 10, Trump suddenly tweeted a threat to impose a 100% tariff on a certain major country, triggering global risk aversion: Bitcoin plummeted from $120,000 to $102,000 within hours, triggering the "automatic liquidation" mechanism of exchanges. The liquidation of long positions caused a chain reaction, and market makers were forced to liquidate their positions. As a result, more than $19 billion in liquidations occurred across the network within 24 hours that day, setting a historical record.
This event proves that even with institutional funds entering the market, there are still many highly leveraged "adventurers" in the crypto market, and it also proves that the crypto market has become a volatility amplifier that is extremely sensitive to macro sentiment.
Conclusion
In 2025, the crypto industry completed a crucial transition from chaos to order. Through the GENIUS Act and the CLARITY Act, the United States established a legal framework to integrate digital assets into the dollar-dominated system; coupled with regulatory coordination among other major economies, the global crypto regulatory landscape gradually took shape. The exploration paths of MicroStrategy and Circle are representative of the industry, and prediction markets demonstrated the ability of blockchain technology to reshape public financial behavior. However, the Bybit theft, the massive liquidation in October, and the issuance of the $TRUMP token serve as constant reminders that this industry still retains its inherent volatility. Technological vulnerabilities, leveraged speculation, and policy linkages remain the sword of Damocles hanging over our heads.
Looking ahead to 2026 and beyond, while the industry will face more challenges in the deeper waters of "execution and compliance," the trajectory of cryptocurrency development is irreversible. Bitcoin's status as a reserve asset, "digital gold," is gaining increasing recognition from countries and institutions, while the potential of blockchain technology as the next-generation financial infrastructure is gradually being realized. Historical experience shows that every regulatory storm and market crisis builds momentum for the next innovation. This industry will mature amidst volatility and move forward amidst controversy, ultimately becoming an indispensable part of the global financial system. For long-term value investors, the current adjustment period presents a strategic window for planning for the future.
Original link: https://mp.weixin.qq.com/s/UvNu40WZklNQCTw7OzRA0g
Disclaimer: This article is a reprint. Readers can obtain more information through the original link. If the author has any objection to the reprint format, please contact us and we will modify it according to the author's request. This reprint is for information sharing only and does not constitute any investment advice, nor does it represent Wu Blockchain views or positions.
Core Summary TL;DR
2025 is destined to leave a significant mark on financial history, marking a watershed year for the digital asset industry as it moves from the periphery to the core, and from speculation to institutionalization. After the market's rapid rise in 2024, it entered a period of fluctuation and adjustment. BTC underperformed most traditional asset classes this year, but the improvement of industry infrastructure and regulatory framework has laid a solid foundation for a recovery in 2026.
If 2024 marked the opening of the door to traditional finance with the approval of spot ETFs, then 2025 was the year that cryptocurrencies underwent a fundamental restructuring in terms of regulatory framework, market structure, and asset class. This year, the global financial system witnessed unprecedented legislative breakthroughs, particularly in major economies like the United States, where the implementation of regulatory frameworks ended a decade-long period of gray-area operation.
However, this maturity has not come without a price. The industry experienced dramatic fluctuations this year, triggered by geopolitical games, industrial-scale thefts launched by state-sponsored hacking groups, and a new paradigm of volatility brought about by crypto assets as an amplifier of sentiment.
As 2025 draws to a close, we have selected nine key news events that reshaped the industry this year for detailed in-depth analysis. These nine events are divided into three categories: the establishment of regulatory frameworks (3 policies), the rise of new trading categories (3 new categories), and negative events that tested the industry's resilience (3 industry upheavals).
I. The First Year of Regulation: Three Major Laws Define Global Compliance Boundaries
2025 is being called the “constitutional moment” for crypto regulation, as major economies finally shift from “prohibition and restriction” to “framework integration.” The legislative measures of major economies such as the United States have directly defined the global regulatory landscape for crypto assets.
1. The U.S. GENIUS Act: The Digital Guardian of Dollar Hegemony
On July 18, Trump signed the National Stablecoin Innovation Act (GENIUS Act), which established strict rules for the stablecoin market:
• 100% reserve requirement : Issuers must maintain 1:1 reserve backing at all times, and can only use highly liquid assets such as US dollar cash and short-term US Treasury bonds;
• Prohibition of interest accrual : To prevent stablecoins from becoming "shadow banks," their legal status as "payment instruments" must be clearly defined;
• Federal unified regulation : The Office of the Comptroller of the Currency (OCC) regulates non-bank issuers, while traditional banks continue to be regulated by existing regulations. It also clarifies that stablecoins are neither securities nor commodities, thus resolving long-standing regulatory disputes.
The deeper ambition lies in the hegemony of the US dollar—the bill effectively prohibits non-compliant foreign stablecoins (such as USDT) from entering the US market, allowing compliant US dollar stablecoins such as USDC to dominate, and ensuring the US dollar's status as the global reserve currency in the digital age.
2. The U.S. Clarity Act: Ending the Regulatory "Civil War"
If the GENIUS Act governs the payment layer, the Clarity Act for Digital Asset Markets addresses the core challenge of asset classification:
• Create a new category of "digital goods" : defined as assets deeply integrated with the blockchain system whose value originates from the use of the system;
• Asset convertibility: As long as the project passes the "decentralization test" and proves that there is no single entity controlling it, tokens that were originally identified as securities can be converted into digital goods;
• The Commodity Futures Trading Commission (CFTC) takes control of the spot market : The CFTC is granted exclusive regulatory power over the digital commodity spot market, and exchanges can operate in compliance simply by registering as "digital commodity exchanges," ending the previous tug-of-war between the SEC and the CFTC over jurisdiction.
Although the bill is still under review in the Senate, market participants have already made preparations, with institutional funds flowing in, waiting for the compliant trading dividends that may come after its implementation in 2026.
3. CZ's Pardon and SEC's Withdrawal of Lawsuit: A Significant Shift in Regulatory Attitude
In 2023, Binance reached a $4.3 billion settlement with the Department of Justice. As a condition of his guilty plea, Binance pledged to implement comprehensive compliance reforms. CZ admitted to the minor charge of "failed anti-money laundering procedures" and was released in September 2024 after serving four months in prison.
On May 30, 2025, the U.S. Securities and Exchange Commission (SEC) officially dropped its lawsuit against Binance and its founder, CZ(CZ). This "non-reopenable" withdrawal marked a reconciliation after a three-year regulatory battle. Then, on October 23, President Trump signed a pardon, exonerating CZ from his previous criminal convictions. White House Press Secretary Carolyn Levitt stated, "The Biden administration's war on cryptocurrency is over."
For the industry, this event marks a shift in US regulation from "crypto wars" to "compliance integration," providing a model of "reconciliation + regulation" for the entire crypto industry.
II. New Product Launch: Three Major Trading Categories Reshape Financial Gameplay
After the regulatory fog cleared, a number of new species emerged in the crypto market in 2025, combining traditional finance (TradFi) and decentralized finance (DeFi), completely disrupting the pattern of single-token trading.
4. Circle IPO: Stablecoin Giant Goes Public on Wall Street
On June 4th, USDC issuer Circle went public on the NYSE (ticker symbol: CRCL), marking a significant event in the marriage of the crypto industry and traditional finance.
• It became an instant hit upon listing : The offering price was $31, and it doubled to $69 on the first day of trading, reaching a high of $298, with its valuation soaring at one point;
• Earning money relies on interest : Financial reports show that revenue mainly comes from interest on hundreds of billions of dollars in reserve assets (US Treasury bonds), but is highly dependent on the Federal Reserve's interest rate policy;
• Transformation into a crypto bank : By the end of the year, it will receive conditional approval from the Office of the Comptroller of the Currency (OCC) to establish the "First National Digital Currency Bank," which will directly store reserves with the Federal Reserve, eliminating its reliance on third-party banks.
However, at the end of the year, affected by interest rate adjustments and policy implementation falling short of expectations, the stock price fell back to around $81. This volatility exposed the fragility of its business model—when the Federal Reserve begins its interest rate cut cycle, interest income from reserve assets will decline significantly, and its single profit structure will be its main challenge, putting pressure on restructuring its valuation logic.
5. On-chain US Stocks + Prediction Markets: Completely Breaking Down Financial Boundaries
By 2025, blockchain technology will begin to engulf traditional finance and information markets, leading to explosive growth in two categories:
• Democratization of Prediction Markets : When people wager their own money (Skin in the Game), their stakes are high, making the market, as a whole, closer to the truth. This authenticity and accuracy of predictions propelled prediction markets to a full-fledged expansion in 2025. Robinhood partnered with the compliant prediction market platform Kalshi to launch event contract trading within its app, allowing tens of millions of retail investors to bet on Federal Reserve decisions, election results, sporting events, and even the weather. Robinhood's prediction market trading volume doubled every quarter, reaching 2.3 billion contracts in the third quarter and a further 2.5 billion in October, once again providing an opportunity for prediction markets to expand beyond their traditional boundaries.
• 24/7 On-Chain Trading of US Stocks : The market capitalization of tokenized stocks has surged by 2695%. The tokenization of US stocks such as Nvidia and Tesla has broken the T+2 settlement and trading time restrictions, allowing global investors to trade at any time. Giants like BlackRock and Franklin Templeton are also expanding their tokenization funds, as financial assets migrate from centralized databases to the blockchain. Meanwhile, the tokenization of gold has reached nearly $4 billion, resonating with this year's over 60% increase in gold prices, providing investors with new exposure to precious metals. Notably, the SEC Chairman recently stated publicly that they are advancing a strategic plan to migrate all assets to on-chain trading within the next two years.
6. Digital Asset Treasury (DATs): Listed companies are frantically hoarding cryptocurrencies.
The "Bitcoin reserve strategy," pioneered by MicroStrategy, became an industry standard in 2025—142 publicly traded companies worldwide included cryptocurrencies in their core treasury assets, with 76 new additions throughout the year, 89% of which were US-listed companies. MicroStrategy (MSTR), as a leading company in this model, saw its market capitalization surge to a peak of $113.5721 billion in June of this year (current market capitalization of $44.7151 billion as of December 30, 2025), becoming an undeniable "Bitcoin proxy stock" in the US stock market.
• Profit-making logic : Issue stocks, convertible bonds, and preferred stock to raise funds, use fiat currency to buy Bitcoin, the stock market premium is higher than the net asset value of holding Bitcoin, then issue more stocks to buy more Bitcoin, forming a self-reinforcing profit flywheel;
• Asset diversification : Bitcoin still accounts for 83.3% of holdings, but Ethereum and Solana are becoming more popular, with some companies hoarding ETH as "Ethereum network growth proxies".
III. The Darkest Hour: Three Crises Test the Industry's Resilience
Despite the combined benefits of regulation and innovation, the crypto market still experienced three painful "stress tests" in 2025, exposing the industry's vulnerabilities.
7. Trump Token Issuance: Market Frenzy Triggered by Presidential Endorsement
On January 17, three days before Trump's inauguration, Solana issued a meme coin (code: _2024111120230_) on its blockchain. After confirmation by Trump's official account, its market capitalization surged to $14 billion within 48 hours. This phenomenal event is shrouded in multiple controversies:
• Conflict of interest : 80% of the tokens are controlled by the Trump family. The president’s crypto policies will directly affect his personal wealth, causing huge ethical controversies. Critics point out that this constitutes an unprecedented conflict of interest. Any crypto-friendly policies implemented by the president (such as firing the SEC chairman or implementing the GENIUS Act) will directly increase his personal wealth.
• Market Diversion Effect : The Trump family, through World Liberty Financial ($WLFI), simultaneously deployed compliant financial infrastructure (including stablecoins and lending protocols) and speculative meme coins$TRUMP. A massive influx of retail funds$TRUMP led to a temporary liquidity crunch$WLFI, reflecting a temporary divergence between speculative demand and the development of compliant pathways.
The controversy and expansion of the USD1 stablecoin : The launch of its USD stablecoin, $USD1, has once again shaken the market. This project perfectly aligns with the standards of the GENIUS Act signed by Trump—100% backed by US Treasury bonds and custodied by BitGo. The market reaction has been complex. On one hand, due to the implicit endorsement of a "presidential family project," USD1 has quickly gained integration with numerous DeFi protocols and is considered the stablecoin "least likely to be targeted by regulators." On the other hand, this behavior of "signing regulatory bills with one hand and launching compliant products with the other" has sparked significant ethical debates regarding conflicts of interest. The rise of WLFI marks a new stage in the development of crypto assets, moving from "grassroots rebellion" to "political capitalization."
8. Security Crisis: Nationwide Hacking and Law Enforcement Black Boxes
Cryptocurrency thefts in 2025 resulted in losses exceeding $3.4 billion, with attack methods becoming increasingly sophisticated.
Bybit was robbed of nearly $1.5 billion : North Korean hackers compromised internal privileges through spoofed job offers and phishing emails, injecting malicious code into the cold wallet signing process, proving that "humans are the weakest link."
The US seized approximately 127,000 bitcoins (once valued at $15 billion) from Chen Zhi, who is suspected of money laundering. However, the specific technical methods used have not yet been disclosed. This "black box enforcement" makes it difficult for the market to assess the true boundaries of wallet security, becoming an unknown risk hanging over the industry.
9. October 11 Massive Liquidation: $19 Billion Vanishes
On October 10, Trump suddenly tweeted a threat to impose a 100% tariff on a certain major country, triggering global risk aversion: Bitcoin plummeted from $120,000 to $102,000 within hours, triggering the "automatic liquidation" mechanism of exchanges. The liquidation of long positions caused a chain reaction, and market makers were forced to liquidate their positions. As a result, more than $19 billion in liquidations occurred across the network within 24 hours that day, setting a historical record.
This event proves that even with institutional funds entering the market, there are still many highly leveraged "adventurers" in the crypto market, and it also proves that the crypto market has become a volatility amplifier that is extremely sensitive to macro sentiment.
Conclusion
In 2025, the crypto industry completed a crucial transition from chaos to order. Through the GENIUS Act and the CLARITY Act, the United States established a legal framework to integrate digital assets into the dollar-dominated system; coupled with regulatory coordination among other major economies, the global crypto regulatory landscape gradually took shape. The exploration paths of MicroStrategy and Circle are representative of the industry, and prediction markets demonstrated the ability of blockchain technology to reshape public financial behavior. However, the Bybit theft, the massive liquidation in October, and the issuance of the $TRUMP token serve as constant reminders that this industry still retains its inherent volatility. Technological vulnerabilities, leveraged speculation, and policy linkages remain the sword of Damocles hanging over our heads.
Looking ahead to 2026 and beyond, while the industry will face more challenges in the deeper waters of "execution and compliance," the trajectory of cryptocurrency development is irreversible. Bitcoin's status as a reserve asset, "digital gold," is gaining increasing recognition from countries and institutions, while the potential of blockchain technology as the next-generation financial infrastructure is gradually being realized. Historical experience shows that every regulatory storm and market crisis builds momentum for the next innovation. This industry will mature amidst volatility and move forward amidst controversy, ultimately becoming an indispensable part of the global financial system. For long-term value investors, the current adjustment period presents a strategic window for planning for the future.
