[The Crypto Market Will Struggle to Truly Explode Without More Credit Support] According to a report by Jinse Finance, despite the recent sharp decline in Bitcoin and other major cryptocurrencies, 2025 remains a milestone year for the crypto industry, with mainstream tokens reaching all-time highs. The regulatory push by the U.S. government has granted the industry compliance recognition, marking the crypto market's path toward maturity. Banks that have maintained a cautious stance toward crypto businesses over the past five years have also rapidly shifted their positions. Behind these developments, however, the crypto market still faces deep structural issues that cannot be resolved solely by increased U.S. regulation. The market correction in October 2025 clearly exposed liquidity issues, which remain widespread to this day. Although insufficient liquidity was not the direct trigger for this round of sharp declines, it has severely constrained market stability. The shortage of crypto credit and prime brokerage services has directly led to a liquidity drain in the crypto market. If the industry cannot generate more crypto credit, the upward potential of cryptocurrencies will be artificially capped.