#系统风险事件 The on-chain stories of 2025 are far more worth paying attention to than surface-level numbers. From Bybit's $1.4 billion theft to the $19 billion liquidation wave after Bitcoin hit 125,000, each event exposes the same issue: market access expansion is far outpacing risk constraints.

Reviewing the year's developments, several signals are worth noting:

**Operational risk has become a new systemic variable.** Aspects like exchange custody and signature processes, which seem like technical details, have moved from the background to the forefront of risk pricing. This means that in the future, choosing trading counterparties can no longer rely solely on liquidity and fee rates.

**Macro resonance is strengthening.** Tariff shocks, ETP approvals, stablecoins entering federal regulatory frameworks—crypt assets are no longer isolated trading instruments but are integrated into the global financial cycle. The high beta characteristic means systemic risk events will have amplified impacts.

**The role of stablecoins is transforming.** From trading tools to financial infrastructure, with Circle IPO and Klarna USD launching, the institutionalization trend is clear. But infrastructure is often the most vulnerable point for risk.

One last observation: the market is rapidly integrating, but volatility has not disappeared; instead, it is amplified by the resonance of ETP funds and high leverage. This asymmetrical relationship warrants ongoing monitoring.