Binance Research released its annual report , "What Crypto's 2025 Taught Us – and What to Watch in 2026," today (15th), providing a comprehensive review of the structural changes in the crypto market in 2025 and outlining key areas of observation for 2026. The report points out that even with volatile market prices in 2025, the crypto industry continues to mature in terms of regulation, institutionalization, infrastructure, and practical applications, indicating that the overall market is steadily moving towards industrialization.
Despite price volatility, structural progress has not stalled.
The report points out that the crypto market will navigate a highly uncertain macroeconomic environment in 2025. Although Bitcoin once hit a record high of $126,000 and the overall market capitalization exceeded $4 trillion for the first time, the market experienced significant volatility throughout the year due to the influence of monetary policy, geopolitics, and trade frictions, resulting in a decline in the total market capitalization at the end of the year compared to the beginning of the year.
However, Binance Research emphasizes that what truly deserves attention is not price, but rather structural progress. Whether it's the gradually clarifying regulatory framework, the expansion of institutional investment channels, or the rapid growth of stablecoins and tokenized assets, all indicate that the crypto market is shifting from a speculative orientation to a development path centered on practical use and long-term value.
Bitcoin is more like a "general economic asset".
The report specifically points out that Bitcoin's market positioning will undergo a significant shift in 2025. Demand and liquidity will increasingly come from regulated financial channels, such as US Bitcoin spot ETFs and corporate balance sheets, rather than solely relying on on-chain transaction activity.
Data shows that US Bitcoin spot ETFs have attracted over $21 billion in inflows, and corporate holdings of Bitcoin have surpassed 1.1 million. In contrast, active addresses and transaction volume are lower than at the peak of the previous bull market. Binance Research believes this indicates that Bitcoin is gradually becoming an institutional-grade investment with macro-asset attributes, rather than simply a network primarily for payments or transactions.
DeFi and tokenized assets are maturing.
In the decentralized finance (DeFi) sector, 2025 is considered a "turning point." The report points out that DeFi no longer relies on high subsidies to attract funds, but instead places greater emphasis on capital efficiency and compliance. Protocol revenue reached $16.2 billion, indicating that DeFi has begun to possess profitability comparable to traditional financial institutions.
Meanwhile, Real Asset Tokenization (RWA) is rapidly emerging, with a total value locked of $17 billion, surpassing some decentralized exchanges. Binance Research believes that as on-chain finance collateral gradually shifts to government bonds and stocks with real-world returns, DeFi will more closely connect with real-world financial needs.
Stablecoins are becoming a key settlement infrastructure.
The report indicates that stablecoins will be the most representative crypto application in 2025. The market capitalization of stablecoins grew by nearly 50% throughout the year, exceeding $300 billion, with annual transaction volume reaching $33 trillion, surpassing most traditional payment networks.
Binance Research describes stablecoins as gradually becoming "fiat currency on the internet," not only as a major medium of exchange in the crypto market but also playing an increasingly important role in cross-border payments, fintech, and institutional settlements. With improvements in the regulatory environment, the application scope of stablecoins is expected to continue to expand.
2026 Outlook: Adoption-Driven Competition and Application-Layer Competition
Looking ahead to 2026, Binance Research believes that if monetary policy becomes more relaxed and fiscal stimulus and deregulation proceed simultaneously, risk assets may see a new round of recovery, and the crypto market is also expected to benefit.
At the industry level, the report anticipates growth will come from actual adoption rather than a single narrative, including payment-based finance (PayFi) incorporating stablecoins, on-chain institutional finance processes, AI-driven automated financial tools, and application-layer products that can understand user relationships.
Overall, the market will favor compliant, verifiable, and sustainable cryptographic systems.
