The 2025 crypto market cannot be summarized with a single word. Bitcoin breaking through $120,000 and reaching a new all-time high is undoubtedly a milestone. But what’s truly interesting is the sense of裂变 (裂变 can be translated as "裂变" or "fragmentation" depending on context, but here it refers to a sense of tearing or division) that the market itself exhibits.

On one hand, major events are frequently making headlines—presidential issuance of digital currency, large-scale hacking attacks worth $1.5 billion, and a $20 billion liquidation wave. News headlines follow one after another. On the other hand, there’s a palpable sense of fatigue. Innovation is lacking, new narratives are absent, and the market appears calm and somewhat hollow at high prices.

However, it’s worth paying attention to the performance of stablecoins. Since last year, stablecoins have gradually become a new force breaking through the圈子 (circle/圈子 can be translated as "圈子" meaning "circle" or "圈子" as a metaphor for a niche or community), hinting that the crypto world is also rethinking how to better connect with the mainstream financial world. Behind the industry’s rollercoaster, it may be a sign that a major reshuffle is imminent.