Digital assets are ending the year with nearly all of their gains over the past 12 months having been erased by market volatility.
However, focusing on crypto’s cyclical booms and busts misses the broader picture of the past year. The narrative of 2025 wasn’t one of out-and-out bullish price action or retail mania, or even the wintry chill cast over markets Tuesday (Dec. 23).
Instead, it was a story of structural adoption, regulatory articulation and financial integration. These trends signal crypto’s steady migration from fringe innovation toward the core of financial architecture.
Softening policy in the United States played a principal role in this evolution….
Dec 24 2025
