2025 Summary

I. Quick Overview of Core Market Trends
• BTC: Reached a historic high of $124,800 on October 7, 2025. On October 11, a "flash crash" caused a maximum 30-minute drop of 12.7%. The total liquidation on that day exceeded $19 billion. By the end of the year, approximately $87,000, down about 6% for the year.

• ETH: Fell approximately 30% from its peak along with the broader market, underperforming BTC throughout the year.

• Altcoins: Most declined by 50%-99%. BTC market cap share rebounded to over 60%, increasing market concentration.

• Key Event: On October 11, a combination of tariff policies and high leverage led to liquidity exhaustion, triggering chain reactions of forced liquidations, marking a turning point for the year.

II. Three Major Core Events
1. Accelerated Regulatory Compliance

◦ The US advances the GENIUS Act, with OCC allowing Ripple, Circle, and others to receive preliminary approval from national trust banks, enabling crypto companies to access traditional banking systems for custody and clearing.

◦ Circle (issuer of USDC) listed on the NYSE, becoming the "first stablecoin stock," with a market cap once surpassing $30 billion.

◦ HashKey listed in Hong Kong, with licensed exchanges achieving compliance.

◦ Trump pardoned Zhao Changpeng in October, signaling a clear policy shift.

From February 3 to October 11 this year, the astonishing similarities in history have gradually become apparent in the market. Year after year, market evolution and compliance progress. Many developments require us to keep pace with the growth of the crypto industry.

Suggestion: Rationally diversify funds. Exchanges, on-chain activities, and static financing can all allocate some funds for wealth management. It’s not advisable to focus solely on derivatives or spot trading. The market is evolving, but many people may not realize it. As a result, many believe they cannot fully grasp the market’s behavior and movements. People need to improve.

Year after year, how many experiences are needed to become an expert? Progress is mutual. Let’s work hard. At the end of 2025, I hope everyone will have a bright future in 2026.