#牛市季来临 By 2025, the cryptocurrency market had entered a structural bull market, with Bitcoin breaking through the $120,000 mark, Ethereum stabilizing at $3,800, and the total altcoin market capitalization exceeding $1.5 trillion. Institutional capital inflows accelerated, injecting strong momentum into the market.

Core Driving Factors:

Halving Effect: Bitcoin's supply will shrink after the 2024 halving, with the circulation growth rate falling to 1.5% in 2025. Miners' hoarding rate will reach 78%, exacerbating the supply-demand imbalance.

Institutional Entry: Global Bitcoin ETFs have seen inflows exceeding $50 billion, with asset management giants such as BlackRock holding significant positions. Over 260 listed companies hold nearly 3.5 million Bitcoins.

Technological Upgrades: The Lightning Network enables instant payments, Taproot promotes derivatives innovation, and Ethereum's Layer-2 expansion improves ecosystem efficiency.

Market Divergence: Leading projects in sectors such as AI, RWA (Real World Assets), and modular blockchains (such as TAO, ONDO, and TIA) are performing strongly, while altcoins lacking practical applications may see their value plummet. Risk Warning: Changes in regulatory policies, tightening of macro liquidity, and derivative leverage may trigger short-term fluctuations. Investors need to pay attention to key indicators such as Bitcoin's market capitalization share (less than 50%) and the stock of stablecoins (exceeding US$80 billion).