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年數字資產的結構和主題轉變

<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 年數字資產報告</a></figcaption></figure></div><p><a href="https://www.talos.com/insights/talos-and-factset-2025-digital-assets-report" rel="nofollow"><span>下載報告</span></a></p><h1><strong>Talos 和 FactSet 聯合發佈的《2025 年數字資產報告》</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年是數字資產行業變革的一年。隨著現貨ETF吸收大量資金流入，機構投資者對數字資產的接受度不斷加深；與此同時，數字資產國庫券（DAT）成為重要的需求來源，為數字資產市場增添了新的反思性。加密貨幣IPO將數字資產企業推向主流，拓寬了生態系統的投資渠道，加密貨幣市場與資本市場的融合進程也隨之加速。監管方面的進展為行業發展奠定了更清晰的基礎。《GENIUS法案》建立了首個聯邦穩定幣框架，並加強了區塊鏈與傳統金融體系之間的聯繫。</p><p>鏈上基礎設施在底層持續擴展。主要L1和L2區塊鏈的區塊空間擴大，成本下降，鏈上經濟活動的規模和多樣性也隨之增長。穩定幣供應量接近3000億美元，各區塊鏈的結算量增加，代幣化也從實驗階段走向生產階段。</p><p>儘管市場在應對波動時出現了採用率和價格走勢的分化，但這一年在制度、監管和基礎設施方面取得了根本性的進步，為我們進入 2026 年奠定了更堅實的基礎。</p><h3><strong>下載報告</strong></h3><p>我們與 FactSet 合作撰寫的<em><a href="https://www.talos.com/insights/talos-and-factset-2025-digital-assets-report" rel="nofollow">《2025 年數字資產報告》</a></em>綜合分析了塑造 2025 年數字資產市場和鏈上活動的結構性和主題性轉變。該報告從以下幾個方面探討了這些主題：</p><ul><li><p> 2025年宏觀和數字資產市場</p></li><li><p>政策與法規</p></li><li><p>加密貨幣與資本市場的融合</p></li><li><p>穩定幣</p></li><li><p>鏈上基礎設施和活動</p></li></ul><p><a href="https://www.talos.com/insights/talos-and-factset-2025-digital-assets-report" rel="nofollow"><span>下載報告</span></a></p><h2><strong>訂閱及往期內容</strong></h2><p>Coin Metrics 的網絡狀況是每週一次的加密貨幣市場公正分析，數據來源於我們自己的網絡（鏈上）和市場數據。</p><p>如果您想在郵箱中收到《網絡狀況報告》，請<a href="https://coinmetrics.substack.com/" rel="nofollow">在此處</a>訂閱。您可以<a href="https://coinmetrics.substack.com/archive" rel="nofollow">在此處</a>查看往期《網絡狀況報告》。</p><h6>免責聲明：本文所提供的信息僅供參考。Talos Trading, LLC 及其關聯公司（以下簡稱“Talos”）不對本文信息的準確性、有效性或完整性作出任何陳述或保證，包括但不限於Talos當時認為可靠的公開來源所提供的事實信息。Talos對使用本文所含信息造成的任何後果不承擔任何責任。本文所表達的任何意見或估計均反映作者截至發佈之日的判斷，並可能隨時更改，恕不另行通知。未經Talos事先書面許可，不得直接或間接獲取、複製或傳播本文或其任何副本。文中表達的任何觀點或意見均為作者個人觀點，並不一定反映Talos的觀點。本通訊不構成對任何數字資產、證券、衍生品、商品、金融工具、產品或交易策略的買賣要約、推廣或推薦。本文件及信息並非旨在構成投資建議或推薦做出（或不做出）任何類型的投資決定，也不應被視為此類建議或推薦。</h6><h6> © 2025年版權所有 | Talos Global, Inc.</h6>

Talos 和 FactSet 聯合發佈的《2025 年數字資產報告》

特朗普頒佈的比特幣戰略儲備行政令成了一紙空文？

美法警署出售沒收比特幣，是否違反特朗普行政令？

meme 幣在長期疲軟後，終於出現了令人振奮的回暖。
自去年 9 月中旬開始，meme 幣總體市值從約 800 億美元逐漸下滑到最低點時只有 350 億美元，一路上基本沒有什麼像樣的反彈。但進入到 2026 年，在開年第一週 meme 幣的總市值終於出現了反彈，回到了接近 500 億美元。
同樣在這段時間內，meme 幣市值在整體山寨幣中的佔比幾乎達到了自 2022 年 7 月以來的歷史最低點，只...

除了$114514，還可以關注哪些項目？

XRP價格在2.20美元上方開始強勁上漲。目前價格正在鞏固漲幅，並可能進一步上漲至2.40美元以上。
XRP價格在2.20美元上方開始新一輪上漲。
公關...