In 2025, the cryptocurrency market demonstrated resilience and potential amid significant fluctuations. In February, affected by rising macroeconomic risks, a pullback in tech stocks, and the $1.5 billion hacking incident at ByBit exchange, the overall cryptocurrency market fell by 22%, with Bitcoin briefly dropping below $100,000. However, the fundamentals continued to improve: the U.S. regulatory environment shifted towards a friendly stance, the SEC paused several enforcement actions, the bipartisan Stablecoin Act advanced, and the Trump administration proposed a Bitcoin strategic reserve plan, all releasing policy dividends. Meanwhile, the influx of institutional investors accelerated, with sovereign funds and university endowments increasing their Bitcoin holdings through ETFs, and institutions like BlackRock seeing their spot ETF management scale exceed $100 billion, gradually showing long-term capital support.

Short-term disturbances do not alter the long-term trend. The Ethereum Pectra upgrade will optimize performance and reduce transaction costs, and while the Solana ecosystem faces a cooling of meme coins, the DePIN sector remains competitive. The integration of AI and cryptocurrency, the tokenization of real-world assets (RWA), and the expansion of stablecoin payment scenarios may become new engines for growth. Despite ongoing macroeconomic uncertainties (such as tariffs driving inflation and risks in U.S. Treasury bonds), the cryptocurrency market is shifting from a 'speculation-driven' model to a 'technology + compliance' dual-driven model, and the pullback may serve as a window for long-term positioning.