In 2025, the cryptocurrency market underwent a transformation amidst ice and fire.

Throughout the year, we witnessed the emotional frenzy ignited by Bitcoin's new highs, as well as the dark moments of liquidation resonating under macro shocks and liquidity exhaustion; the policy supercycle initiated by Trump shifted cryptocurrency regulation from strict enforcement to encouraging innovation, opening the floodgates for traditional financial giants to enter the market; the industry moved beyond storytelling and gradually approached real applications, with the outline of everything being put on-chain becoming clearer; the ETF, DAT, and IPO channels accelerated, with liquidity from Wall Street pouring in, reshaping the capital structure and pricing logic of cryptocurrency.

This year marked both a coming-of-age ceremony for the cryptocurrency industry as it shed its naivety and matured, and the true starting point for its entry into the mainstream. This article by PANews outlines the timeline of 2025, reviewing the key moments that changed the cryptocurrency industry.

January

16th Anniversary of Bitcoin's Genesis Block

FTX Restructuring Plan Takes Effect

The Trump couple successively releases meme coins

Trump officially takes office as the 47th President of the United States

SEC Chairman Gary Gensler officially steps down

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The Trump Family Strikes Again! "First Lady Coin" MELANIA briefly surpasses a market cap of 10 billion, multiple token details spark market controversy

The Dark Forest of MEME Coins: Industrialized harvesting with daily earnings of millions, retail investors struggle to strike gold with a retention rate of one in ten thousand

The Wealth Truth of the TRUMP Token: Big players compete in the arena, average purchase of $590,000, $1.09 million bought within a minute of token issuance

Trump 2.0 Era: What New Changes in Cryptocurrency Regulation? A Review of Key Policy Adjustments in the First 8 Weeks

Key Points from the First Digital Asset Release Conference by the "Crypto Tsar" of the U.S.: Advancing Market Structure and Stablecoin Legislation, Evaluating Bitcoin Reserves

With TRUMP Rising, Solana Reigns: Behind the Presidential Token Issuance, Who are the Winners and Who Benefits? What Impact on the Crypto Market?

Countdown to Departure! SEC Chairman Gary Gensler accepts public interview, responding to 11 key questions about cryptocurrency and capital markets

The PVP Era of the Crypto Market: How Can Retail Investors Break Through?

February

Argentinian President Javier Milei accused of fraud due to LIBRA token scandal

Bybit hacked, $1.44 billion in funds withdrawn

Crypto treasury gains popularity, coin-stock concept is hyped

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The Night of $1.4 Billion ETH Theft: What Impact Does the Bybit Security Incident Have on Ethereum and the Crypto Industry?

Libra's Hunting Game: Nearly 30% of big players take over at high positions, over 70,000 addresses harvested

Accused of "Buying Off" the President's Sister, What is the Background of Kelsier Ventures, the Issuer of Libra, Behind Multiple "Rug Pulls"?

MicroStrategy Renamed to "Strategy", Bitcoin Holdings Nearly Doubled in Q4, Aiming to Become Bitcoin's "Smart Leverage"

How Can DeFi Effectively Respond to Market Turbulence After the Bybit Hacking Attack?

March

Bitcoin included in U.S. Strategic Reserves

U.S. Treasury officially lifts sanctions on Tornado Cash

CZ's MEME Experiment

Binance receives $2 billion investment from Abu Dhabi's MGX

Hyperliquid 3.12 Whale Incident, Top Exchanges Unite to Strike

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Binance Partners with UAE Royal Family: Sovereign Fund MGX Invests $2 Billion in Crypto, Is Binance Underestimating the Value of "Making Friends"?

Mubarak Ignites MEME Wind in the BNB Chain, CZ and He Yi Assist in Boosting On-Chain Sentiment

From Livermore to Crypto Whales: A Century-Long Trading Dark War, Decoding the Attack and Defense Game Behind the $300 Million Order on Hyperliquid

BlackRock CEO's Annual Letter to Investors: Bitcoin May Challenge the Dollar's Global Status, Tokenization is the Financial Highway of the Future

Trump's Promised Strategic Bitcoin Reserves Are Here! The Seizure Storage is Below Expectations, May Acquire More Bitcoin Without Increasing Taxpayer Burden

April

U.S. government announces "Reciprocal Tariffs," global stock markets plummet, BTC falls below $75,000

Spot gold breaks through the $3,200 mark for the first time

Binance Alpha Points Game

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Trump's "Tariff Club" Bloodbath Worldwide, Crypto Market Faces "Black Monday" Again

Binance Alpha Points "Shura Field": A War of Web3 Wallets Capturing 90% of Market Share

When Panic Knocks, Finding Signals of Change in the Crypto Market from 239 Panic Moments Over 7 Years

Gold Continues to Hit New Highs, How to Invest in Gold Assets in the Crypto Market?

Promoting Gold Stablecoins, Inviting CZ as Web3 Advisor, Kyrgyzstan Presses the "Accelerate Button" on Blockchain National Strategy

May

BTC breaks through $110,000

DEX Cetus hacked, losses exceed $200 million

Pump.fun faces a bloodsucking attack

U.S. SEC officially withdraws lawsuit against Binance and Zhao Changpeng

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Pump.fun's Dominance Faces Challenge from New Platforms, MEME Coin Glonk's Traffic War Begins, Founder Joins the Fray

CZ's Pardon Goes Beyond a Presidential Order

Struggles and Self-Rescue: The 180 Days Before Zhao Changpeng's Pardon

Is There a "Top-Taking" Signal After Bitcoin's New High? Long-Term Holders Take Profits, Market Enters Distribution Game Stage

Trump Media Group Imitates MicroStrategy to Launch $2.5 Billion Bitcoin Vault Plan, Presidential Family Plays with Financial Instruments

June

Satoshi Nakamoto's net worth reaches $116.7 billion, surpassing Bill Gates

Lee Jae-myung elected as President of South Korea

"First Stock of Stablecoins" Circle goes public, stock price rises 6.13% on the first day

Israel strikes Iran, ceasefire agreement reached 12 days later

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The Capital Game of "First Stock of Stablecoins" Circle: Old Shareholders Cash Out, Wall Street Enters, What Should Retail Investors Do?

Reviewing Circle's Major Shareholders' Cash-Out Situation: The Largest External Shareholder IDG Cashed Out Only $68 Million, Several Executives Missed Over $100 Million in Profits

Bubble Mart Angel Investor Mai Gang's "Enlightener": How Silicon Valley Venture Capitalist Tim Draper Bets on Bitcoin and the Next Era

The Crypto Market Becomes a New Battleground in the Shadow of the Iran-Israel Conflict

Another "Crypto President"? Lee Jae-myung's Bold Bet on South Korea's New Crypto Policies Ignites Market Imagination

Arca Slams Circle for Betrayal: Why Did the IPO Feast Abandon Crypto Allies and Favor Wall Street?

July

Trump signs the "Big and Beautiful" Tax and Spending Act

Trump officially signs the stablecoin-related bill, the "GENIUS Act"

10th Anniversary of Ethereum's Genesis Block

Ethereum DAT company emerges, ETH's market cap rises to 28th in global asset rankings

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PANews Releases "2025 Global Stablecoin Industry Development Report": USD Stablecoins Account for 99% of the Market, USDC Expected to Surpass USDT by 2030

U.S. Banking Industry Jointly Resists the "GENIUS Act," Stablecoin Shockwaves Shake Traditional Giants

"Wall Street Oracle" Tom Lee Becomes a Major Bull on ETH, Why Does He Firmly Believe in Ethereum and Its Treasury Strategy?

BlackRock Veteran Goes All In on Ethereum, Joseph Chalom Joins SharpLink to Compete as Ethereum's MicroStrategy

After "Suffering for EF," Can the Newly Established Ethereum Community Fund Rekindle ETH Faith?

10th Anniversary of Ethereum Mainnet: From the Genesis Eight to Key Figures in the Decentralized Community

August

Hong Kong's "Stablecoin Regulation Draft" Officially Takes Effect

BTC Reaches $124,000, Market Cap Surpasses Google, Rising to 5th in Global Asset Rankings

Shanghai Composite Index Surpasses 3,800 Points, Setting a Nearly 10-Year High

RWA Gold Rush

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Interpreting Hong Kong's Stablecoin Application Guidelines: First Batch of Licenses Expected to Be Issued Early Next Year, Holders Must Complete Identity Verification

How Much Will Traditional Enterprises Spend to Enter RWA?

Hong Kong's "Stablecoin Regulation" Set to Take Effect on August 1, Initial Launch May Only Offer a Few Licenses, Criminalizing Unlicensed Stablecoin Promotion

Tokenized Stocks Become the New Favorite in Crypto, What About Altcoins?

Rolex: The Top Warning Light of the Crypto Bull Market

September

Total Market Cap of Stablecoins Exceeds $290 Billion

SEC Approves General Listing Standards for ETFs

BNB Market Cap Surpasses $140 Billion, Overtaking Intel to Rank 155th in Global Assets

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U.S. Crypto ETFs Receive Regulatory "Green Light": General Listing Standards Expected to Be Implemented Within 60 Days, Which Projects Will Win?

Reviewing 7 Major Stablecoin-Specific Chains: Forget the L2 Battle, Tether, Circle, and Stripe Have Opened a New Battlefield for Payments

Over $200 Million Stolen, What Lessons Does the Cetus Security Incident Provide?

Circle and Stripe Enter the Public Chain Arena, Full-Scale Battle for Stablecoin Public Chains Begins

BNB Market Cap Surpasses MicroStrategy, Backed by National Reserves and Nasdaq, Now Competing with BTC and ETH as Global Strategic Assets

October

U.S. Government Officially Shuts Down

Musk Becomes the First Person in History to Surpass $500 Billion in Net Worth

"10.11 Crash," Over $19 Billion in Liquidations in One Day

U.S. Files Lawsuit Against Prince Group's Chen Zhi and Seeks to Confiscate Over 127,000 Bitcoins, U.S. Government's BTC Holdings Will Reach 324,000

Spot Gold Breaks Through $4,200

Privacy Sector Welcomes "Second Spring," ZEC Market Cap Exceeds $6 Billion

Binance Life Sparks Chinese Meme Craze

Nvidia's Market Cap Surpasses $5 Trillion

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Reviewing the Largest Liquidation Event in Crypto History: A Resilience Showdown from DeFi to CEX

Data Analysis After ZEC's Surge: Starting with Demand, Ending with Emotion

Revelations from the Crypto Avalanche Day: The Triple Contagion Chain of Market Collapse, How Can the Industry Rebuild a More Robust Foundation?

Privacy Narrative Makes a Strong Comeback: Zcash Soars Over 220%, Ethereum Foundation Upgrades "Privacy Strategy"

Tether's Golden Empire: The Ambitions and Fractures of a "Stateless Central Bank"

Binance Life vs. OKX Life: In the Era of Crypto "Blind Flying," Who Should Hit the Last Brake for Us?

Nvidia's Market Cap Hits $5 Trillion, But the Crypto Circle Has Cracked

After the "Great Shock" in Crypto: Bitcoin's Resilience Remains, What Will Happen to Altcoins?

Uncovering the "Electric Fraud Empire" of Cambodia's Prince Group Chen Zhi: A $15 Billion Bitcoin Black Gold Ledger

Gold "Bullish" Report: Why Gold is Expected to Reach $8,900 by the End of 2030?

November

UK's Largest Bitcoin Money Laundering Case Verdict: Qian Zhimin Sentenced to 11 Years and 8 Months, 61,000 Bitcoins Confiscated

Longest Government Shutdown in U.S. History Ends

Bitcoin Falls Below $81,000, Crypto Market Plummets Across the Board

Coinbase's x402 Protocol Gains Popularity

Altcoin ETFs Gradually Listed

Hyperliquid, Aster, Lighter, and edgeX Engage in a Perp DEX Free-for-All

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Live Updates on the Launch of Four Major Altcoin ETFs: A Total of $700 Million Inflow, Easy to Issue but Hard to Attract Capital

Exploring the Evolution of Online Payment Standards: x402 Will Create a World Without Ads

Can the $40 Billion in Bitcoin Taken by Qian Zhimin Be Returned to China?

Will the Market Definitely Rebound After the Shutdown Ends? Reviewing the Performance of U.S. Stocks, Gold, and BTC After Previous Government Restarts

Aster's "Trojan Horse": How to Use BNB Chain to Secretly Target the Hyperliquid Throne?

The World's Most "Profitable" Company Changes Hands: A Crypto Team of 11 Generates $100 Million Per Person

HIP-3 Becomes Hyperliquid's New Engine: Leading DEX Drives Trading Volume to Surge Tenfold, Ecological Challenges Remain

Old and New Competitors in Perp DEX: Hyperliquid Faces $10 Billion Unlock Pressure, New Platforms Compete for Traffic with Incentives

Wall Street Trader of 27 Years: The AI Bubble Will Burst! Bitcoin is No Longer "Sexy," Market Correction is Just an Appetizer

Forbes: Bitcoin's "Identity Anxiety"

Interpreting the Hot x402 Protocol: How to Unlock an Ad-Free, No GAS Fee Smart Economy?

December

MicroStrategy Faces Risk of Being Removed from MSCI Index Amid FUD

Ethereum Activates Fusaka Upgrade

Federal Reserve Leads Interest Rate Cuts, Japan's Rate Hike Finally Arrives

Terraform Labs Founder Do Kwon Sentenced to 15 Years in Prison in the U.S.

Predictions for Market Index-Level Expansion

SEC Announces Launch of Crypto Innovation Exemption Policy

HashKey Officially Lists on Hong Kong Stock Exchange

Federal Reserve Chair Candidate Finalization Approaches

China Tightens Crypto Regulations Again, Involving Mining, Stablecoins, and RWA

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Delayed by 1,314 Days, the Trial of the $40 Billion Stablecoin Collapse Mastermind Sentenced to 15 Years

"Cornered Beast": Crypto Treasury Companies Are Losing Their Bottom-Fishing Ability

Ethereum Activates Fusaka Upgrade, L2 Gas Fees Drop by Another 60%

New Battlefield in Gaming: Can Prediction Markets Stir Up the Deep Waters of U.S. Sports Business?

MSCI Delisting Sparks Short Selling Alarm, Strategy Becomes "Pressure Valve" in Crypto Market

Federal Reserve Announces End of QT, Is Crypto Welcoming a "Starting Gun" or Does It Need to Endure Another Winter?

HashKey Officially Lists on Hong Kong Stock Exchange, Wanxiang's Leader Secures Another IPO

Market Liquidity Survey: Under Diminishing Liquidity, Retail Investors "Buy Lottery Tickets," Institutions "Buy Insurance"

At a Crossroads: Ethereum Faces Quantum Threats and Dual Pressure from Wall Street Capital

Kevin Warsh Emerges Midway, How Did the Inflation Hawk Become a Popular Candidate for Federal Reserve Chair?

Federal Reserve "Shadow Chair" Kevin Hassett: Dovish, Crypto-Friendly, and "Trump Puppet"

Central Bank: Continuing to Crack Down on Virtual Currency Trading Speculation, Is There Still a Survival Soil for Virtual Currency in China?

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