Speaking of the changes in the crypto industry by 2025, the most eye-catching development is undoubtedly the booming M&A market. Data shows that the total M&A transaction volume in the industry has surged to $8.6 billion, setting a new record. What does this reflect? The loosening regulatory environment has boosted market confidence, and major institutions are beginning to truly see the potential of this sector.

You will notice a phenomenon: large capital is engaging in frantic acquisitions. Korea's Mirae Asset is negotiating to acquire the Korbit exchange, and such cases of traditional financial institutions stepping into the space are becoming increasingly frequent. For large companies, acquisitions allow rapid access to mature technology, user base, and necessary licenses; for the smaller companies being acquired, this is a window to obtain ample funding and resources. In other words, the entire industry is transitioning from wild expansion to refined integration.

From an investment perspective, the emergence of the M&A wave indicates that valuation standards are being established, and high-quality projects have found clear exit channels. This is beneficial for the mature development of the industry. However, the flip side also needs to be considered: market concentration is bound to increase, and small but well-structured projects may face survival pressures. The contradiction between decentralization ideals and practical business operations will become more pronounced, representing a tension that the entire industry must confront.