2025 Digital Asset Report: Capital Becoming Highly "Discerning" and "Concentrated"

According to the latest "2025 Digital Asset Report" released by Coin Metrics, the cryptocurrency investment ecosystem is entering a period of coexistence between expansion and reshaping. Although the overall market is growing, capital is becoming highly "discerning" and "concentrated."

This trend is reflected not only in Bitcoin's market share, which once rose to 64% in 2025, reaching a new high since April 2021, but also in the capital flow favoring more liquid, fundamentally solid mature assets rather than scattershot investments.

The driving force behind this is the deep integration of cryptocurrencies with traditional capital markets. First, the strong demand for Bitcoin spot ETF channels has attracted a broader range of allocators, from early adopters to retirement accounts and large asset management firms.

Second, industry giants like BlackRock have successively filed for Ethereum staking ETFs, making staking rewards on proof-of-stake networks a native income source, which is becoming a compliant revenue-generating system for institutional portfolios, enhancing the appeal of crypto assets to traditional finance.

Moreover, cryptocurrency exchanges (such as Coinbase, Robinhood, etc.) are transforming into full-stack super apps offering services like stablecoin interest and staking. Native crypto companies (such as Circle, Paxos, etc.) are also penetrating traditional financial infrastructure by obtaining national trust bank licenses, achieving bidirectional infiltration.

At the ecosystem level, stablecoins have become the core infrastructure of on-chain economy. In 2025, the market cap of stablecoins reached $300 billion, transfer volumes surged by 150%, and the "GENIUS Act" strengthened their peg to U.S. Treasury bonds, further promoting large-scale adoption.

Additionally, tokenization of real-world assets (RWA) has moved from experimentation to implementation. Major commodities such as the Russell 1000 index, leading institutional money market funds, and $3.5 billion worth of gold have been tokenized, laying the foundation for the comprehensive tokenization of traditional financial assets in the 2026 era.

In summary, the 2026 crypto ecosystem will present a complex landscape driven by capital and deeply integrated with traditional finance. Market growth will no longer be a broad-based increase but will focus on high-quality tracks and assets with genuine demand, stable structures, and clear value capture.

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