2025 Cryptocurrency Market Review: Key Moments That Changed the Industry Landscape

Looking back on this year, the crypto industry indeed experienced several dramatic changes. If we were to summarize the most pivotal events, it might look like this:

**One Main Thread**
The policy orientation and market sentiment throughout the year were significantly influenced by Trump’s policies. This American leader’s changing attitude toward crypto assets directly affected global market psychology.

**Two Major Fund Flows**
The performance of the US stock market in conjunction with policy guidance, along with discussions on national strategic reserves allocating to crypto assets—these shifts in capital flows shaped the fundamentals of the year.

**Three Regulatory Focuses**
Advancement of Hong Kong’s stablecoin regulatory framework, the deepening of EU’s MiCA compliance policies, and adaptive adjustments of innovative protocols like Genius across different jurisdictions have become key points in ecosystem evolution.

**Four Market Shocks**
The sharp correction on October 11, a $1.5 billion security incident at Bybit exchange, extreme volatility of Trump tokens, and concentrated sell-offs of DAT-type assets—these sudden events repeatedly tested market participants’ psychological resilience and exposed shortcomings in industry risk management.

Each shock was accompanied by opportunities and warnings.