The 2025 crypto market is not dominated by a single narrative but is continuously reshaped through multiple shocks.

At the beginning of the year, a shocking theft event sounded the alarm—an leading exchange suffered nearly $1.4 billion in losses. This largest-ever security breach in exchange history prompted a reevaluation of industry risks. The hacker incident exposed a series of vulnerabilities in custody, signing processes, and exchange risk control, making operational risk a systemic threat that cannot be ignored.

The spring tariff dispute further impacted the entire risk asset market. Amid rising global trade frictions, Bitcoin briefly fell to its lowest point of the year, fully revealing the high beta characteristic of crypto assets—they are far more sensitive to macroeconomic news than expected, with volatility becoming the core feature of this adjustment.

The turning point came in July. The signing of the US GENIUS Act was highly significant—payment stablecoins were officially incorporated into the federal regulatory framework for the first time, with clear definitions for issuance, reserves, and audits. From late summer to fall, the role of stablecoins underwent a fundamental transformation. They evolved from mere trading tools to essential payment and settlement infrastructure, with stablecoin projects increasingly entering the public and policymaker’s view. US regulators also opened a "fast lane" for spot crypto ETPs, marking the official acceleration of institutional asset allocation.

This series of events sketches the true outline of the crypto industry in 2025: security, macro, regulation, and infrastructure development—none can be missing.