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Recently, the market has seen a significant rise in established altcoins such as FIL, and most traders believe that an "altcoin season" may be approaching. However, the surge in these coins often signals that the bull market is nearing its end, and history shows that after their rise, BTC usually declines accordingly. At the same time, market focus has shifted to macro policies, especially the progress of the US government shutdown, which will influence the future trend of cryptocurrencies.

A TRM Labs report reveals that the Iranian Revolutionary Guard Corps has been using UK-registered cryptocurrency exchanges to evade international sanctions through large-scale illicit transactions. Since 2023, 56% of the trading volume on these exchanges was connected to the IRGC, primarily using USDT on the Tron blockchain for its low fees and speed. This analysis underscores the importance of blockchain technology for tracking complex illicit schemes in the cryptocurrency industry.

Canadian Nathan Goughvin was indicted for a fraudulent scheme that allegedly raised over $42 million through false advertising and fake investment opportunities targeting Discord users. Funds were misappropriated for personal gain, and he faces charges from U.S. authorities and the SEC for securities fraud and obstruction.

Former developer Jared Dunn of the crypto platform Pump.fun has been sentenced to six years for misappropriating $2 million worth of Solana assets. This case highlights serious internal crime issues in the crypto industry and underscores the urgent need for stronger compliance and auditing measures.

Michael Saylor, Founder and Chairman of Strategy, pointed out in a recent interview on the "What Bitcoin Did" podcast that the true value of Bitcoin has become quite clear. It can be said that it is not short-term price fluctuations, but rather structural progress in the institutional and regulatory framework that demonstrates the intrinsic success of this asset class.
2025 will be a year of significant turning points in Bitcoin adoption models, and these changes are expected to have serious impacts on the business environment from 2026 onwards. Saylor emphasizes that three factors—entry of institutional investors, dramatic improvements in the regulatory environment, and integration with the banking system—are progressing simultaneously.

Texas has taken a significant step in Bitcoin investment by purchasing $5 million of BlackRock's Bitcoin Spot ETF, IBIT. This move marks the first instance of a U.S. state government directly holding Bitcoin, reflecting Texas's commitment to integrating digital assets into its economic strategy.

2025 was not just a year of price appreciation for Bitcoin but a historic turning point where the institutional foundation changed dramatically. In other words, as Michael Saylor, founder and chairman of MicroStrategy, put it in a detailed conversation on the "What Bitcoin Did" podcast, it was the year when the market's desire for "universal recognition of Bitcoin" finally materialized. Instead of reacting to short-term price fluctuations, the real victory lies in the institutional progress underlying the market, which is the key to understanding future industry trends.
What institutional investors want: signals from the acceleration of institutional adoption
From 2024 to 2025

Renowned on-chain analyst PlanB pointed out that Bitcoin currently exhibits a significant deviation from traditional asset valuations, with the current price around $91.22K, a situation that has only occurred once in history. PlanB emphasizes Bitcoin's scarcity, believing that under currency devaluation pressure, scarce assets will rise together. Despite facing skepticism, he remains firm in his view, considering the current market valuation disconnect worth paying attention to, and the ultimate outcome can only be revealed with time.

Bank of Japan Governor Kazuo Ueda stated at the New Year meeting that the benchmark interest rate will be flexibly adjusted based on economic conditions, emphasizing the importance of monetary policy optimization for prices and economic growth, providing clear guidance for market expectations.

In 2025, the cryptocurrency industry is shifting focus from application development to user acquisition capability, highlighting a limit in technological optimization. Projects are prioritizing B2B collaborations for integrating existing user bases instead of onboarding new users. Platforms like Coinbase exemplify this trend, emphasizing convenience and integrated services. The competition is thus transforming, with front-end platforms gaining more value by controlling user traffic, marking a significant shift in the industry's value distribution structure.

As Lighter approaches its TGE, market evaluations are divided, with some dismissing it as just another perpetual contract DEX. However, strong on-chain data shows its significant performance metrics, indicating its potential for growth and stability in the market.

Written by: Lingyun, Miss Cat
Reviewed by: Ashley
The Explosive Growth of Meme Coins from a Historical Perspective
Meme coins themselves are not an old concept. In 2013, software engineers Billy Marcus and Jackson Palmer created Dogecoin (DOGE), inspired by the Japanese Shiba Inu "Doge." No one predicted that, over ten years later, it would become one of the most profitable asset classes in the crypto market.
As indicated by CoinGecko's latest report, in the first quarter of this year alone, the average return rate of meme coins reached 1,312.6%, far surpassing RWA and AI-related tokens. In March, Boo

In December 2025, JPMorgan Chase launched JPMD, a bank deposit-based token on Coinbase's Base network, marking a significant shift in on-chain asset management. This innovation integrates banking deposits into blockchain payments, highlighting JPMorgan's massive deposit volume compared to current on-chain markets. The emergence of revenue-generating assets, like the My OnChain Net Yield Fund, further solidified the role of tokenized financial systems, indicating a pivotal transformation in traditional finance and paving the way for a new banking era on public blockchains.