In 2025, the cryptocurrency bull market continues. Relevant analysis is as follows:

● Recent market performance: In March 2025, under favorable policies, Bitcoin broke through $95,000 from a low of $78,200 on February 28 in less than three days, with an increase of 21.5%. Ethereum followed suit with an increase of over 23%. Although the price of Bitcoin subsequently fell below the $80,000 mark, leading cryptocurrencies also declined, the derivatives market shows that Bitcoin futures expiring in December 2025 still maintain a premium of $103,000, indicating that institutions still have confidence in its long-term value.

● Favorable policies: The Trump administration established a cryptocurrency strategic reserve, explicitly including Ripple, Solana, and Cardano as reserve targets, and emphasized Bitcoin and Ethereum as core assets. This policy is seen as the first systematic support for cryptocurrencies by the U.S. government, directly driving the prices of related coins to soar.

● Capital inflow: Ethereum spot ETFs recorded a net inflow of $420 million in 2025, indicating institutional confidence in Ethereum's long-term prospects. Additionally, the management scale of Bitcoin spot ETFs had exceeded $78.8 billion by Q1 2025, accounting for 25.4% of the circulation, forming a long-term capital support.

● Technological innovation and ecological expansion: After the Ethereum 2.0 upgrade, TPS increased to over 100,000, with significant breakthroughs in Layer 2 scaling and cross-chain technology that remarkably reduced transaction costs. The scale of RWA (real-world asset tokenization) may reach $500 billion, with institutions like BlackRock positioning themselves in the on-chain government bond market as a new source of funding.

However, the cryptocurrency market is highly uncertain and volatile, easily affected by policies, macroeconomic factors, market sentiment, and various other factors, so investors should be cautious.