Structural and Thematic Shifts that Shaped Digital Assets in 2025

<div><figure><a href="https://substackcdn.com/image/fetch/%24s_!Kl09!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ec28f7d-e57b-4eb6-9f0c-cca9e5d7b907_2108x1184.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/c6b2f1f54085b5256bfbcbdc055a61ca.jpg" alt=""></source></picture><div><div><button></button><button></button></div></div></div></a><figcaption><a href="https://www.talos.com/insights/talos-and-factset-2025-digital-assets-report" rel="nofollow">Talos x FactSet 2025 Digital Assets Report</a></figcaption></figure></div><p><a href="https://www.talos.com/insights/talos-and-factset-2025-digital-assets-report" rel="nofollow"><span>Download Report</span></a></p><h1><strong>Talos and FactSet 2025 Digital Assets Report</strong></h1><p><em>By: <a href="https://www.talos.com/" rel="nofollow">Talos</a> and <a href="https://www.factset.com/" rel="nofollow">FactSet</a></em></p><h3><strong>Overview</strong></h3><p>2025 was a transformative year for the digital assets industry. Institutional adoption deepened as spot ETFs absorbed significant inflows, while digital asset treasuries (DATs) emerged as a major source of demand, adding a new layer of reflexivity. The convergence of crypto and capital markets accelerated as crypto IPOs brought digital asset businesses into the mainstream, widening investment access to the ecosystem. Regulatory progress provided clearer footing. The GENIUS Act established the first federal framework for stablecoins and strengthened the bridge between blockchain and traditional financial rails.</p><p>Onchain infrastructure continued to scale beneath the surface. Blockspace expanded across major L1s and L2s, costs compressed, and the size and diversity of onchain economic activity grew. Stablecoin supply approached $300B, settlement volumes increased across blockchains, and tokenization moved from experimentation to production.</p><p>While adoption and price action have diverged as markets grapple with volatility, the year delivered fundamental institutional, regulatory and infrastructure advances that leave us with stronger foundations going into 2026.</p><h3><strong>Download The Report</strong></h3><p>Our <em><a href="https://www.talos.com/insights/talos-and-factset-2025-digital-assets-report" rel="nofollow">2025 Digital Assets Report</a></em>, produced in collaboration with FactSet, synthesizes the structural and thematic shifts that shaped digital asset markets and onchain activity in 2025. The report explores these themes across the following areas:</p><ul><li><p>2025 Macro and Digital Asset Markets</p></li><li><p>Policy and Regulation</p></li><li><p>The Convergence of Crypto and Capital Markets</p></li><li><p>Stablecoins </p></li><li><p>Onchain Infrastructure and Activity</p></li></ul><p><a href="https://www.talos.com/insights/talos-and-factset-2025-digital-assets-report" rel="nofollow"><span>Download Report</span></a></p><h2><strong>Subscribe and Past Issues</strong></h2><p>Coin Metrics State of the Network is an unbiased, weekly view of the crypto market informed by our own network (on-chain) and market data.</p><p>If you’d like to get State of the Network in your inbox, please subscribe <a href="https://coinmetrics.substack.com/" rel="nofollow">here</a>. You can see previous issues of State of the Network <a href="https://coinmetrics.substack.com/archive" rel="nofollow">here</a>.</p><h6>Disclaimer: The information herein is provided for informational purposes only. Talos Trading, LLC and its affiliates (“Talos”) does not give any representations or warranties in relation to the accuracy, validity, or completeness of the information of this material, including without limitation the factual information obtained from publicly available sources considered by Talos to be reliable at the time. Talos accepts no liability for any consequences of using the information contained in this material. Any opinions or estimates expressed herein reflect a judgment made by the author(s) as of the date of publication and are subject to change without notice. Neither this material nor any copy thereof may be taken, reproduced, or redistributed, directly or indirectly, without Talos’s prior written permission. Any views or opinions expressed are those of the authors and do not necessarily reflect the views of Talos. This communication does not constitute an offer to buy or sell, or a promotion or recommendation of, any digital asset, security, derivative, commodity, financial instrument, or product or trading strategy. This document and information are not intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.</h6><h6>© Copyright 2025 | Talos Global, Inc.</h6>

Talos and FactSet 2025 Digital Assets Report

塑造2025年数字资产的结构和主题转变

<div><figure><a href="https://substackcdn.com/image/fetch/%24s_!Kl09!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ec28f7d-e57b-4eb6-9f0c-cca9e5d7b907_2108x1184.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/c6b2f1f54085b5256bfbcbdc055a61ca.jpg" alt=""></source></picture><div><div><button></button><button></button></div></div></div><figcaption> <a href="https://www.talos.com/insights/talos-and-factset-2025-digital-assets-report" rel="nofollow">Talos x FactSet 2025 年数字资产报告</a></figcaption></figure></div><p><a href="https://www.talos.com/insights/talos-and-factset-2025-digital-assets-report" rel="nofollow"><span>下载报告</span></a></p><h1><strong>Talos 和 FactSet 联合发布的《2025 年数字资产报告》</strong></h1><p><em>作者： <a href="https://www.talos.com/" rel="nofollow">Talos</a>和<a href="https://www.factset.com/" rel="nofollow">FactSet</a></em></p><h3><strong>概述</strong></h3><p>2025年是数字资产行业变革的一年。随着现货ETF吸收大量资金流入，机构投资者对数字资产的接受度不断加深；与此同时，数字资产国库券（DAT）成为重要的需求来源，为数字资产市场增添了新的反思性。加密货币IPO将数字资产企业推向主流，拓宽了生态系统的投资渠道，加密货币市场与资本市场的融合进程也随之加速。监管方面的进展为行业发展奠定了更清晰的基础。《GENIUS法案》建立了首个联邦稳定币框架，并加强了区块链与传统金融体系之间的联系。</p><p>链上基础设施在底层持续扩展。主要L1和L2区块链的区块空间扩大，成本下降，链上经济活动的规模和多样性也随之增长。稳定币供应量接近3000亿美元，各区块链的结算量增加，代币化也从实验阶段走向生产阶段。</p><p>尽管市场在应对波动时出现了采用率和价格走势的分化，但这一年在制度、监管和基础设施方面取得了根本性的进步，为我们进入 2026 年奠定了更坚实的基础。</p><h3><strong>下载报告</strong></h3><p>我们与 FactSet 合作撰写的<em><a href="https://www.talos.com/insights/talos-and-factset-2025-digital-assets-report" rel="nofollow">《2025 年数字资产报告》</a></em>综合分析了塑造 2025 年数字资产市场和链上活动的结构性和主题性转变。该报告从以下几个方面探讨了这些主题：</p><ul><li><p> 2025年宏观和数字资产市场</p></li><li><p>政策与法规</p></li><li><p>加密货币与资本市场的融合</p></li><li><p>稳定币</p></li><li><p>链上基础设施和活动</p></li></ul><p><a href="https://www.talos.com/insights/talos-and-factset-2025-digital-assets-report" rel="nofollow"><span>下载报告</span></a></p><h2><strong>订阅及往期内容</strong></h2><p>Coin Metrics 的网络状况是每周一次的加密货币市场公正分析，数据来源于我们自己的网络（链上）和市场数据。</p><p>如果您想在邮箱中收到《网络状况报告》，请<a href="https://coinmetrics.substack.com/" rel="nofollow">在此处</a>订阅。您可以<a href="https://coinmetrics.substack.com/archive" rel="nofollow">在此处</a>查看往期《网络状况报告》。</p><h6>免责声明：本文所提供的信息仅供参考。Talos Trading, LLC 及其关联公司（以下简称“Talos”）不对本文信息的准确性、有效性或完整性作出任何陈述或保证，包括但不限于Talos当时认为可靠的公开来源所提供的事实信息。Talos对使用本文所含信息造成的任何后果不承担任何责任。本文所表达的任何意见或估计均反映作者截至发布之日的判断，并可能随时更改，恕不另行通知。未经Talos事先书面许可，不得直接或间接获取、复制或传播本文或其任何副本。文中表达的任何观点或意见均为作者个人观点，并不一定反映Talos的观点。本通讯不构成对任何数字资产、证券、衍生品、商品、金融工具、产品或交易策略的买卖要约、推广或推荐。本文件及信息并非旨在构成投资建议或推荐做出（或不做出）任何类型的投资决定，也不应被视为此类建议或推荐。</h6><h6> © 2025年版权所有 | Talos Global, Inc.</h6>

Talos 和 FactSet 联合发布的《2025 年数字资产报告》

特朗普颁布的比特币战略储备行政令成了一纸空文？

美法警署出售没收比特币，是否违反特朗普行政令？

原文作者：Cathy，白话区块链
2026 年 1 月 3 日凌晨，美国特种部队在代号为「绝对决心」的军事行动中，于加拉加斯逮捕了委内瑞拉总统尼古拉斯·马杜罗。
这一事件引发了加密圈的一个巨大疑问：马杜罗政权是否真的藏有传闻中的「影子储备」？
根据调查机构 Whale Hunting 的报告以及多方情报来源，市场上流传着一个惊人的传闻：马杜罗政权可能持有 60 万至 66 万枚比特币。如果这一传闻...

马杜罗真的藏了600亿美元BTC吗？

2025 年 11 月 3 日，美国司法部 (DOJ) 据称通过 Coinbase Prime 平台出售了 57.55 个比特币，这在美国法律社群和区块链技术行业引发了辩论。