"Arkstream Capital: 2025 When Crypto Assets Return to Financial Logic" (Author Arkstream) The main theme of the crypto market in 2025 will no longer revolve around the technical cycle of a single public chain or the self-reinforcing narrative on-chain, but will enter a deepening phase dominated by "external variable pricing and financial entry competition"; ETFs mainly address the question of "whether to allocate and how to include in the portfolio," while IPOs further solve the issues of "what to allocate, how to benchmark, and how to exit"; the traditional "four-year crypto cycle" logic has not disappeared, but its explanatory power has been significantly diluted, as channels like ETFs, stablecoins, and corporate treasuries bring larger amounts of capital into observable and rebalancable asset allocation systems. Read more: