The landscape of the cryptocurrency asset market in 2025 is quietly changing. The previous cyclical logic centered around single public chain technological iterations or on-chain ecosystem self-reinforcement is being reshaped by broader external variables.

This year's crypto market has entered a new phase—financial pricing power and entry competition have become the main themes. In simple terms, pure technological narratives are no longer the driving force behind prices; instead, external factors from the traditional financial system are influencing market expectations.

The significance of ETF tools is also being redefined. They not only address the question of "whether to allocate" but also focus on the core issue of "how to incorporate into traditional investment portfolios." This means that crypto assets are gradually integrating into mainstream asset allocation frameworks.

IPOs have opened another path—they redefine capital flow and valuation logic. When crypto projects have the opportunity to go public, the entire game is rewriting its rules. Systematic financial thinking is beginning to replace pure technological optimism.

From another perspective, the crypto market in 2025 is actually undergoing a transition from "technology cycle-driven" to "financial cycle-driven." This places new demands on participants' mindset—you need to understand blockchain logic as well as macro financial mechanisms.