The Crypto Assets sector is showing a new round of rise. As of June 12, 2025, the global market capitalization of Crypto Assets has surpassed $3.38 trillion, with Bitcoin demonstrating a strong dominant position at 63.2%, reaching the highest level in nearly three years. This market pattern not only indicates a recovery of the Crypto Assets market but also reveals a trend of the market accelerating towards "Bitcoin centralization," accompanied by significant potential risks and opportunities.

The price of Bitcoin recently broke through the $110,000 mark, triggering over $430 million in contract liquidations across the network within 24 hours, resulting in heavy losses for short investors. Its market share surged from 38% in 2022 to 63.2%, far surpassing Ethereum's 9.75% and Solana's 2.49%. Institutional investment has become the main driver of this rise: the Bitcoin held by MicroStrategy has surpassed $13.5 billion in unrealized gains, and the U.S. Strategic Bitcoin Reserve has accumulated 200,000 BTC, worth over $16 billion. Even more notably, the net inflows into Bitcoin ETFs reached $36.3 billion, four times that of gold ETFs, a phenomenon that is overturning traditional concepts of value storage.

Meanwhile, Bitcoin's strong performance has put other crypto assets in a difficult position. Currently, the total market capitalization of the top five coins (BTC, ETH, USDT, BNB, SOL) accounts for more than 80% of the market, while thousands of other tokens can only compete for the remaining 20% share. Analysts are concerned that this imbalance in market structure may suppress the vitality of innovative fields such as DeFi and NFTs. Although Ethereum's "Pectra" upgrade and Solana's high-performance ecosystem are highly anticipated, funds still struggle to escape the allure of Bitcoin.

In terms of regulation, the United States strengthens the "dollar-Crypto Assets" ecosystem by approving Bitcoin ETFs and formulating stablecoin policies, while Hong Kong tries to become the Asian Crypto Assets center through licensing pilot programs. The tokenization of real-world assets ( RWA ) is seen as a key factor that could change the market landscape, with its current market size being only $0.1 trillion. If it rises to $1 trillion in the next two years, it could dilute Bitcoin's market share. However, the total supply cap of 21 million Bitcoins and the continued participation of institutional investors still strongly support its status as "digital gold."

As the market evolves further, the landscape of the cryptocurrency space is likely to continue to adjust due to technological innovation, regulatory changes, and increased institutional involvement. Investors should pay close attention to these developments and rationally assess the risks and opportunities.