As 2025 is about to end, the institutionalization process of the crypto market is accelerating. Although BTC's annual return is negative, ETF investors have demonstrated strong "HODL" resilience. 2025 appears to be the worst year for crypto on the surface, but in reality, it features the largest supply turnover, the strongest institutional allocation willingness, the clearest policy support, and the most extensive infrastructure development. Prices are down 5%, but ETF inflows reach $250 billion. This in itself is the biggest signal.

As long-term practitioners and investors, our job is not to predict short-term prices but to identify structural trends. Key points for 2026 include: progress in market structure legislation, the potential expansion of strategic Bitcoin reserves, and policy continuity after mid-term elections. In the long run, the improvement of ETF infrastructure and clearer regulation lay the foundation for the next rally.
When the market structure undergoes a fundamental change, old valuation logic becomes invalid, and new pricing power is rebuilt. Stay rational, stay patient.
$BTC #2025Gate年度账单