2025, When Crypto Assets Return to ‘Financial Logic’
The main theme of the crypto market in 2025 will no longer revolve around the technical cycles of a single public chain or self-reinforcing narratives on-chain, but will enter a deeper phase dominated by ‘external variable pricing and competition for financial entry points.’ Policy and compliance frameworks determine the access boundaries for long-term capital, while macro liquidity and risk appetite dictate whether trends can continue. Derivatives leverage and platform risk control mechanisms reshape volatility patterns and drawdown speeds at critical junctures. More importantly, a key theme repeatedly validated by the market starting in 2025 is that price elasticity is no longer solely determined by the intensity of on-chain…
