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#加密市场季度观察 | 2025 Q1 Review
1. Market Performance
In the first quarter of 2025, the overall cryptocurrency market showed an upward trend, with Bitcoin retreating to a solid support level after breaking the $70,000 mark, still maintaining its strength. Ethereum followed closely, benefiting significantly from expectations surrounding spot ETFs.
2. Hot Sectors
AI + Crypto: Projects related to artificial intelligence (such as Fetch.AI, Render) received considerable attention.
L2 Solutions: Arbitrum and Optimism continued to expand their ecosystems, with significant progress in zk technology.
DePIN (Decentralized Physical Infrastructure Networks): Projects like Helium and io.net gained popularity.
3. Institutional Trends
Traditional financial giants like Blackstone and Fidelity are accelerating their entry into the market.
BTC spot ETF trading volume is steadily increasing, driving traditional capital inflow.
4. Regulatory Environment
The U.S. SEC has launched a new round of investigations into certain projects, but the overall regulatory stance is milder compared to previous years.
Asian markets, such as Singapore and Hong Kong, continue to optimize the compliance environment, attracting projects to settle.
5. Risks and Outlook
Geopolitical and macroeconomic fluctuations remain major uncertainties.
Looking ahead to Q2, the halving effect combined with the potential approval of an ETH ETF may lead to further developments.
