Written by: Yangz, Techub News

Jingle bells, jingle bells, jingle all the way…

Yes, as this familiar holiday music plays in the streets, the New Year for foreigners has arrived, and the countdown to 2025 has begun. If I had to summarize this extraordinary year in the crypto space with one word, the first that comes to mind is: "ups and downs"; as for the narratives that left a deep impression on me, what pops into my mind are: the rollercoaster journey of DAT under the guidance of Strategy from celebration to silence, the wave of crypto company IPOs and stablecoin enthusiasm sparked by Circle's listing, the market's excitement and calm following the approval of altcoin ETFs, and the largest cryptocurrency theft in history faced by Bybit, the market crash triggered by tariff impacts, and that heart-stopping "10.11" flash crash…

Habitually, it’s time to review the year. Now, let’s set aside the noise of K-lines, brew a cup of coffee, and slowly sort through the milestones of these twelve months, reliving the key moments that have shaped the industry today.

January: Trump’s Coin and Executive Order

The opening act of the crypto industry in 2025 can be said to revolve entirely around one person: Donald Trump.

In mid-January, the yet-to-be-inaugurated Trump shocked the entire crypto world with an unexpected move—he and First Lady Melania launched the meme coins TRUMP and MELANIA on Solana. This "presidential endorsement" is unprecedented in crypto history, instantly igniting market frenzy. Countless traders, including many young Chinese crypto enthusiasts who acted quickly due to time zone and information advantages, flocked in, successfully reaping benefits from this unprecedented political celebrity effect. However, as sharp criticisms regarding "monetizing political capital" and "harvesting" quickly fermented in public discourse, this frenzy came and went just as fast, with the prices of the two tokens soaring like a rollercoaster before plummeting sharply, leaving behind a mess and profound discussions about the moral risks of celebrity coins.

However, this on-chain farce was just the prelude. On January 24, just three days after his inauguration, Trump signed an executive order titled "Strengthening America's Leadership in Digital Financial Technology," aimed at overturning the previous administration's regulatory framework and establishing a "Presidential Digital Asset Working Group" led by David Sacks, involving core departments like the Treasury and SEC. This group was tasked with designing a new federal regulatory framework for digital assets (especially stablecoins) and authorized to explore the imaginative topic of establishing a "strategic national digital asset reserve" for the U.S. Meanwhile, the order also put the brakes on the development of CBDCs, explicitly prohibiting them.

February: Regulatory "Easing" and Security "Alarm"

If January was dominated by political narratives, then February saw the market moving forward under the pull of two forces: on one side, the spring breeze brought by regulatory "easing" and legislative progress, and on the other, the deafening alarm sounded by the largest cryptocurrency theft in industry history.

Since Gary Gensler officially stepped down on January 21, the new SEC, under acting chair Mark Uyeda, has been working to change its image in the public eye. First came the "withdrawal of lawsuits," as the SEC halted a series of investigations into leading crypto institutions like Coinbase, Binance, and Uniswap. It then restructured its crypto enforcement division, intending to shift its focus from broad industry oversight to combating real criminal activities. Meanwhile, the "GENIUS Act" was jointly proposed by bipartisan lawmakers to pave the way for formal legislation in the second half of the year.

However, the optimistic sentiment on the policy front was shattered by a heavy blow at the end of the month. Bybit suffered the largest hack in crypto history, with stolen assets valued at approximately $1.5 billion. This disaster was like a bucket of cold water, waking everyone up: no matter how grand the narratives, asset security remains the industry's most vulnerable "Achilles' heel." Fortunately, Bybit's crisis management and the market's rapid recovery capabilities still demonstrated the industry's resilience in the face of adversity.

Additionally, another noteworthy event was the cooling of the Solana meme coin craze. With fraud allegations surfacing against meme coins associated with political figures like Argentine President Milei, market sentiment shifted rapidly. After seven years of ups and downs, OpenSea also announced plans to issue a token that month. According to the latest news, OpenSea plans to launch the SEA token in the first quarter of 2026.

March: Capital Feast and Coin Hoarding Strategy Amid Tariff Turbulence

In March, under the influence of Trump's tariff policies, the market experienced turbulence, with Bitcoin briefly falling below $80,000. However, it was in this atmosphere of caution and observation that Wall Street and public companies began to orchestrate a symphony about how "sovereignty, capital, and enterprises" could make a grand entrance.

First, the industry welcomed a wave of "merger and acquisition frenzy." Kraken announced a staggering $1.5 billion acquisition of the futures platform NinjaTrader. Meanwhile, rumors circulated that Coinbase was in deep negotiations to acquire the options trading giant Deribit, with a potentially larger transaction size (Coinbase ultimately acquired Deribit for $2.9 billion, setting a record for the largest acquisition in industry history). Venture capital was also booming, with Sequoia Capital and others investing $400 million in the TON Foundation, and the Abu Dhabi sovereign wealth fund MGX investing $2 billion in Binance. These transactions sent a stark signal: traditional financial giants were growing impatient with merely watching from the sidelines; they were waving checks to seize the high ground in the future market.

Secondly, the "corporate coin hoarding trend" entered a new phase. Pioneer Strategy once again splurged $2.4 billion to increase its holdings of 29,000 Bitcoins in March. More notably, this trend began to spread to a broader range of public companies: GameStop's board officially approved the inclusion of Bitcoin in its reserve assets, and video platform Rumble, energy company KULR, and others joined in.

Finally, the most milestone event of the month occurred. On March 7, Trump signed an executive order officially mandating the establishment of a "U.S. Strategic Bitcoin Reserve," providing unprecedented sovereign credit backing for the entire category of crypto assets.

Additionally, March saw other noteworthy events, such as Pump.fun and Raydium officially launching a battle for the Solana Memecoin market, Binance once again banning non-compliant market makers, and CZ facing public backlash for using former football star Ronaldinho's Memecoin to drive traffic to BNB Chain.

April: Calm Amid Macro Turbulence

Setting aside the intensifying U.S.-China tariff war and Trump's unpredictable rhetoric, April brought a relatively calm month for the crypto industry, with no dramatic waves but two significant events laying the groundwork for far-reaching impacts.

First, the U.S. SEC welcomed its new chair. Paul Atkins, upon taking office, vowed to establish a solid regulatory foundation for digital assets in a "rational, coherent, and principled" manner, aiming to make the U.S. the "best and safest" jurisdiction in the crypto space. This attitude sharply contrasted with the hardline enforcement stance of his predecessor, Gary Gensler, and laid the groundwork for a friendlier regulatory blueprint.

Secondly, Ethereum completed another critical strategic orientation in its development history. The Ethereum Foundation (EF) unusually released three important articles: one restating the philosophical vision of the "infinite garden," reaffirming its commitment to openness and decentralization; another formally confirming a shift in its technical roadmap focus back to large-scale expansion of the Ethereum mainnet, setting aggressive goals for performance improvements in the coming years; and the third announcing the appointment of Hsiao-Wei Wang and Tomasz Stańczak as new co-executive directors, completing a smooth leadership transition. After experiencing criticism of its L2 ecosystem and competition from rivals, Ethereum chose to return to its roots, reinforcing the foundation of its "world computer" from the core protocol layer.

April was like a gentle spring rain. Macro turbulence tested the market's maturity, while the regulatory shift eliminated the greatest uncertainties, and leading public chains completed their strategic focus for the future. When the noise temporarily subsided, the cornerstone of rationality was quietly laid. All of this was setting the stage for the upcoming, more fervent summer market.

May: Bitcoin's New High and the Heating Up of the DAT Model

In May, the crypto market began to heat up against the backdrop of macro easing. At the beginning of the month, the U.S.-China tariff suspension agreement brought warmth to the market, and by the 22nd, Bitcoin historically broke through $110,000, setting a new high.

Behind the price frenzy, the DAT model expanded from Bitcoin to multiple assets, with altcoin DAT companies represented by SharpLink Gaming (ETH), Upexi (SOL), and VivoPower (XRP) emerging. Additionally, institutional entry accelerated. After completing its record acquisition of Deribit, Coinbase was officially included in the S&P 500 index, becoming part of mainstream finance. Kraken, Robinhood, and others were also expanding their territories through mergers and new products.

On the legislative front, the White House and Congress continued to advance U.S. digital asset regulatory legislation. On May 5, the House Financial Services Committee and the House Agriculture Committee released a draft of the "Digital Asset Market Structure Bill," while the "GENIUS Act" received key procedural approval in the Senate, providing unprecedented certainty for the industry.

Additionally, Ethereum surged over 40% in May due to the Pectra upgrade, while the previously questioned derivatives protocol Hyperliquid quickly captured the on-chain perpetual futures market, with its token HYPE soaring 75% in May.

June: Circle's Listing and the Tokenization Wave in U.S. Stocks

In June, the crypto industry was dominated by two parallel waves, clearly outlining the roadmap for the industry's deeper penetration into the mainstream financial system.

First, the commercial value of stablecoins received formal pricing in traditional capital markets. On June 4, Circle, the issuer of the second-largest stablecoin USDC, successfully listed on the New York Stock Exchange. The market reacted enthusiastically, with its stock price soaring from the issuance price of $31 to $181 by the end of the month. This was not only a successful IPO but also a referendum-style recognition of the "stablecoin business model."

Additionally, while the DAT narrative continued to ferment, the old concept of "tokenization of U.S. stocks" was brought back to the forefront. Robinhood announced at Cannes that it would open tokenized trading for over 200 U.S. stocks and ETFs to users in 30 EU countries and planned to migrate to its self-developed Layer 2 network optimized for RWA; Kraken and Bybit launched the "xStocks" service covering over 60 underlying assets in collaboration with Swiss compliance service provider Backed Finance. Meanwhile, Coinbase was actively communicating with the SEC to seek regulatory approval for domestic tokenized securities trading, while Gemini chose to form a strategic partnership with the professional tokenization firm Dinari to jointly launch tokenized stock trading services for EU users.

Moreover, as a typical representative of crypto-native applications, the prediction market sector also received strong investments from top capital. Polymarket and Kalshi completed significant funding rounds of $200 million and $185 million, respectively, accumulating ample ammunition for an explosion in this field in the second half of the year.

July: The Implementation of the GENIUS Act and a Heating Market

In July, as temperatures rose, so did market conditions.

With the joint push of the DAT narrative and institutional funds, Bitcoin's price strongly broke through $120,000 on July 14, setting a new historical record. At the same time, the Ethereum ecosystem also welcomed a massive influx of funds. The net inflow of U.S. Ethereum spot ETFs reached $5.43 billion in July, setting a record for the highest monthly inflow. Additionally, a key figure emerged in the Ethereum DAT narrative. Tom Lee's publicly listed mining company Bitmine announced a strategic increase in its Ethereum holdings. Subsequently, Silicon Valley venture capital mogul Peter Thiel acquired 9.1% of the company's shares.

As market prices surged to new heights, the foundational rules of the industry were quietly forged in Washington. During the highly anticipated "Crypto Week," Trump officially signed the GENIUS Act on July 18, establishing the first comprehensive federal regulatory framework for stablecoins. Furthermore, reports emerged that the government was preparing an executive order to allow 401(k) retirement plans to invest in cryptocurrencies, opening up policy imagination for the future connection between ordinary people's pensions and the crypto market.

Notably, the NFT sector, which had been relatively quiet during this financial asset-centric market, also showed signs of warming up. The most iconic event was the "Fat Penguin" IP making a high-profile appearance on Nasdaq, submitting a PENGU ETF application, along with a wave of "head-swapping" among various projects.

August: A Diverging Market

In August, the crypto market entered a phase of significant divergence. After Bitcoin set a historical high of $124,000 in the middle of the month, it fell back to around $108,000 by the end of the month. In contrast, Ethereum, driven by its independent narrative, experienced a strong rally, breaking through $4,950, marking its highest point since early November 2021. Additionally, Chainlink (LINK) saw a nearly 75% monthly increase following the announcement of its collaboration with the U.S. Department of Commerce.

On the regulatory front, on July 31, SEC Chairman Paul S. Atkins published a programmatic article announcing the launch of the "Project Crypto" initiative, which fundamentally rejected the previous administration's "enforcement-first" hostile regulation and aimed to promote the "on-chain" transformation of U.S. financial markets through comprehensive reform, attracting global companies back with a "clear and predictable" regulatory path. In the stablecoin sector, with the implementation of the GENIUS Act, the global stablecoin regulatory competition further deepened. Wyoming became the first state to launch a state-level legal stablecoin, continuing its pioneering experiments in crypto legislation. Across the ocean, Hong Kong's "Stablecoin Regulation" officially took effect on August 1, with the Financial Management Bureau opening license applications, attracting attention from numerous companies, including JD.com (although some later chose to withdraw).

Additionally, this month also featured typical market farces and profound technical warnings. Kanye West's YZY token issued on Solana once again experienced a rollercoaster storyline, confirming the high risks associated with celebrity coins. A more technically disruptive event was the Qubic project temporarily taking control of over 51% of the Monero network's hash power through a "peaceful occupation," sparking widespread discussions about decentralization and security models.

September: Interest Rate Cuts, Crypto ETP Channels, and the Giants' Chess Game

In September, the shift in macro policy injected new liquidity expectations into the market, while internally, the "pipeline" to traditional capital was thoroughly widened, and the strategic chess game of the giants became increasingly clear.

First, a critical turning point occurred at the macro level. On September 17, the Federal Reserve announced a 25 basis point interest rate cut during the FOMC meeting, marking the first rate cut of 2025. Secondly, the "institutional channel" for capital entering the crypto market was unprecedentedly simplified and standardized. The SEC officially approved a universal listing standard for cryptocurrency ETPs. This means that as long as the tokens themselves meet specific standards for trading on qualified exchanges, issuers will no longer have to undergo lengthy and uncertain individual case approvals for launching new ETP products, significantly streamlining the process.

At the same time, industry giants began to engage in multidimensional strategic layouts. On one hand, crypto-native companies accelerated their entry into traditional capital markets: Figure became the "first RWA stock" to list on Nasdaq, followed closely by Gemini, creating a mini-boom in IPOs. On the other hand, traditional financial giants like BlackRock and Nasdaq also announced tokenization asset plans, indicating an acceleration of integration. Notably, traditional financial forces from Asia, such as Yunfeng Financial, quietly acquired over 10,000 Ethereum in just two months, suggesting that a more grand "chess game" was unfolding.

In the segmented market, competition in the stablecoin sector further intensified. The giant Tether unveiled its strategic blueprint, seeking up to $20 billion in financing and planning to launch a compliant stablecoin named USAT, directly targeting the core U.S. market with the intention of competing head-on with rivals like Circle for dominance. Meanwhile, in the decentralized stablecoin sector, Native Markets won the issuance rights for the Hyperliquid ecosystem stablecoin USDH, which, despite accompanying "pre-arrangement" controversies, still demonstrated significant progress by emerging protocols in building native financial infrastructure. Additionally, the on-chain contract sector erupted into a "DEX war," with Aster emerging to directly challenge Hyperliquid.

October: The "10.11" Bloodbath, "Binance Life," and SOL ETF

In October, the crypto market experienced a storm from macro shocks to internal liquidations, marked by an epic crash that etched itself into history.

At the beginning of the month, concerns over a U.S. government shutdown triggered market anxiety, and Trump's threats on October 10 to impose a 100% tariff on China completely ignited panic in the market. The enormous uncertainty led to a sudden tightening of liquidity, making the highly leveraged market structure extremely fragile. On October 11, the tragedy reached its peak: the crypto market experienced an epic liquidation, with nearly $19 billion in futures contracts forcibly closed, setting a record for the largest single-day liquidation in history. Following this, there were also incidents of stablecoins like USDe becoming unpegged. Notably, amidst the cries of despair, the privacy coin Zcash (ZEC) surged over fourfold, possibly due to its unique value proposition as a hedge against regulatory uncertainty.

However, despite the market's turmoil, the pace of financial product innovation did not stop. Building on the universal listing standards established in September, institutions like Huaxia Fund and Bitwise launched Solana spot ETFs, marking the beginning of a wave of "altcoin ETFs."

Moreover, the market's drama did not end there. During the National Day and Mid-Autumn Festival, Chinese memes like "Binance Life" and "Customer Service Xiao He" became the hottest topics on the chain. However, this short-term surge driven by community sentiment ultimately ended in a classic pattern of price collapse and retail losses, becoming an absurd footnote in the broader downtrend.

Finally, the tumultuous October concluded with the shocking political news of "Trump pardoning Zhao Changpeng." This decision, while seen as a continuation of a friendly stance towards the crypto industry as a whole, also sparked widespread skepticism regarding potential conflicts of interest and future insider trading risks.

November: The Privacy Sector and the x402 Craze

In November, the crypto market continued to decline in the aftermath of October's "flash crash." The shadow of the "10.11 flash crash" lingered, and the market was further affected by the "Black Tuesday" of U.S. stocks, with Bitcoin briefly falling below the psychological threshold of $100,000. Compounding the situation, crises erupted within the industry: Balancer was hacked, and the stablecoin xUSD unexpectedly became unpegged, triggering a trust crisis in the DeFi sector; at the same time, previously leading DAT companies began to experience sell-offs, with Huajian Medical suspending acquisitions and Sequans selling 970 Bitcoins to repay debts. On a macro level, the Federal Reserve's "hawkish rate cut" stance exacerbated market concerns about liquidity. Under multiple pressures, Bitcoin fell to $80,600 on November 21, with market sentiment plummeting to a freezing point. However, similar to October, the privacy coin sector remained the "king of counter-trends" in November.

Additionally, a silent revolution was occurring at the most fundamental payment layer. Developers and capital were shifting their focus from speculative markets to the new open payment protocol x402 developed by Coinbase. This protocol aims to support autonomous micropayments driven by AI agents, eliminating the need for human intervention and traditional payment intermediaries, with blockchain serving as the final settlement layer. Its daily transaction volume surged from fewer than 50,000 in October to over 2 million by the end of November. This was not just a technological advancement but also indicated the emergence of a "programmable economy" where value exchange could be completed directly between machines (M2M).

Meanwhile, thanks to the universal listing standards established in September, the cryptocurrency ETP market continued to innovate and expand, not limited to Solana, but also including ETF products for XRP and Dogecoin.

Notably, the prediction market platform Kalshi saw its valuation soar from $5 billion to $11 billion in just one month, completing another massive funding round of $1 billion, attracting top venture capital firms like Sequoia Capital and CapitalG, a subsidiary of Alphabet. Additionally, Coinbase launched a token sales platform for retail investors, paving the way for its ambition to build a "super application" as an "all-in-one exchange."

December: A Calm Conclusion

In December, the crypto market concluded in calm, with fluctuations in market conditions converging, but undercurrents were stirring beneath the surface.

Within the industry, two notable battles concerning "narrative power" drew attention. The leading DeFi protocol Aave was embroiled in governance infighting between its DAO community and development team, exposing the practical dilemmas of decentralized governance. Meanwhile, traditional finance's acceptance of crypto assets faced scrutiny, as global index giant MSCI proposed to exclude DAT companies from its mainstream index, prompting a strong rebuttal from Strategy.

On the regulatory front, positive developments continue. Trump's crypto-friendly nominees Mike Selig and Travis Hill were confirmed by the Senate to lead the CFTC and FDIC, two key institutions. Additionally, the CFTC launched a digital asset pilot program, allowing Bitcoin, Ethereum, and USDC to be used as eligible collateral in the derivatives market, opening a compliant channel for institutional funds to participate more deeply in the market.

As for the most noteworthy development this month, it is undoubtedly Coinbase's vision for the future. With the slogan "The future of finance is on Coinbase. All in one app," Coinbase has boldly ushered in the era of the "all-in-one exchange."

Conclusion

As Christmas carols gradually fill the air at the end of the year, the cup of reflection in our hands has long been emptied.

This year, we witnessed the dramatic beginning of "presidential coin issuance" and experienced the growing pains brought by the "10.11" liquidation storm. These moments, whether absurd or brutal, were like high fevers, forcing the industry to establish a more resilient security system and a clearer governance awareness through the process of tempering. Beneath the surface of volatility, a clear main thread runs throughout: the crypto world is irreversibly moving from the margins to the center, from chaos to order.

The New Year’s bell is about to ring. The road ahead is not smooth, but the direction has never been clearer. Let us step into a more integrated and undoubtedly more exciting new era of crypto together, carrying the memories, lessons, and undiminished hopes of exploration from this year.

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