#数字资产市场动态 2025 is about to turn the page, and the institutionalization of the crypto market is clearly accelerating. To be honest, this year's BTC on-paper return is negative, but investors' attitudes are quite interesting — they still HODL or plan to HODL, with no signs of loosening.

At first glance, this year is the worst in crypto, but upon reflection, it actually highlights some of the most meaningful aspects: the largest scale of chip turnover, the strongest institutional allocation willingness, clearer policy support, and solid infrastructure development. Numbers speak — despite a 5% price drop, ETF continued to see a net inflow of $25 billion. Do we need to say more about this signal?

As someone who has been in this industry for many years, my experience is: never gamble on short-term price movements, that only invites trouble. What’s truly worth pondering are the structural changes. For 2026, a few key points to watch are: the legislative pace of market-related bills, whether strategic Bitcoin reserves will continue to expand, and whether policies can sustain after the mid-term elections.

Looking long-term, the ETF ecosystem is becoming more complete, and the regulatory framework is becoming clearer — all of these are laying the groundwork for the next market cycle. Once the market structure changes, old valuation methods won’t work anymore, and a new pricing system needs to be re-established. Stay calm and patient.