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In 2025, the cryptocurrency market experienced intense volatility, with Bitcoin's price dropping from an optimistic forecast of $126,080 at the beginning of the year to $89,940 by the end of the year, a full-year return of -15.32%. Policy changes and excessive leverage triggered a liquidation wave, causing market turbulence, while traditional precious metals like gold and silver performed strongly. Asset allocation should be approached cautiously considering market risks.

American burger chain brand Steak 'n Shake announces a $10 million investment in Bitcoin to strengthen its presence in the crypto space. The company also reduces transaction fees through Lightning Network payments and partners with Fold to launch a Bitcoin cashback program, integrating cryptocurrency into everyday spending and demonstrating confidence in Bitcoin's long-term value, symbolizing the gradual integration of cryptocurrencies into mainstream business systems.

2026 has just begun, and the entire crypto industry is facing an unprecedented reshuffle. The fundamental reason for this reshuffle is not changes in technology or narrative, but a dramatic shift in the "coordination number" of institutional funds. The era of "broadly casting nets and making widespread bets" has completely ended, replaced by a cold and precise logic of capital allocation.
Institutional fund "coordination number" is extremely concentrated: why has the VC investment logic undergone a dramatic change?
Wintermute Ventures released a set of shocking industry data in 2025. This top-tier market maker and investment firm reviewed about 600 projects throughout the year, ultimately approving only 23 deals—an approval rate of just 4%. Even more brutal, only 20% of the projects entered the due diligence stage. Founder Evgeny Gaevoy candidly stated: they have completely bid farewell to 2021-

Morgan Stanley is actively embracing cryptocurrencies, planning to open spot trading for Bitcoin, Ethereum, and Solana on the E-Trade platform in the first half of 2026, and launching its own digital wallet solution. This move reflects the shift and competitive pressure on Wall Street regarding crypto assets, with Morgan Stanley also applying for spot ETFs for Bitcoin and other cryptocurrencies. As regulations evolve and infrastructure improves, cryptocurrencies are becoming a key strategy in mainstream finance.

In 2025, an interesting phenomenon is quietly unfolding on BNB Chain: retail investors are still seeking the thrill of high-frequency trading here, while traditional financial institutions are simultaneously deploying long-term assets. Project teams are cleverly building bridges between the two. This seemingly contradictory coexistence actually reflects BNB Chain's unique "internal harmony" operational logic—internal compatibility, mutual coordination, and each excelling in its own way.
Looking back at 2025, BNB Chain is no longer a stage for a single role but an open ecosystem accommodating diverse needs. As heavyweight institutions like BlackRock, China Merchants Bank International, and Circle enter the scene one after another, BNB Chain is experiencing a quiet but profound transformation from a "paradise for crypto retail investors" to a "platform for the coexistence of TradFi and crypto."
2025 BNB Chain's "Triple Play": retail traffic, institutional assets, ecosystem

Ethereum verification computation protocol Truebit was attacked due to a contract vulnerability, resulting in losses of over $26 million, and the native token TRU price dropped to nearly zero. Research indicates that the attack originated from a design flaw in a smart contract from five years ago, with hackers taking advantage of low-cost large-scale token acceptance. This incident reveals security risks in old contracts, and recently several projects have also been subjected to similar attacks, highlighting the systemic risks that occur frequently in the industry.

Telegram generated $870 million in revenue in the first half of the year, but posted a net loss of $222 million, mainly due to the decline in the value of virtual asset TON affecting the financial report. The company is gradually shifting from traditional business to the crypto ecosystem and controlling the shareholding ratio of the TON token to maintain decentralization and fundraising needs. As the IPO plan progresses, Telegram faces uncertainties related to judicial investigations, but a strong user base provides opportunities for monetization. Adjusting the relationship with TON will be a key challenge for future development.

Although the stock price of Bitcoin whale Strategy has dropped significantly by 66%, analysts predict a potential upside of 150%. The company plans to hold 155,000 Bitcoins, demonstrating confidence in Bitcoin's long-term prospects. Despite a decline in projected returns, the overall gains are expanding, so analysts believe that Strategy remains an effective tool for Bitcoin investment, suitable for optimistic investors.

Top-tier market maker Wintermute Ventures' performance in 2025 reveals a fundamental shift occurring in the crypto investment world. After reviewing approximately 600 projects, they approved only 23 deals—an approval rate of just 4%. This figure is not a sign of investment institutions being overly selective, but a warning to the market: the era when storytelling alone could secure funding has come to an end. The total number of deals in the entire crypto VC ecosystem plummeted from over 2,900 in 2024 to about 1,200, a 60% drop in transaction volume. Although the total global crypto VC investment still reached $4.975 billion, these funds are no longer evenly distributed across various projects but are concentrated in a very small number of highly regarded companies.
VC approval rate drops to 4%, and the market shifts from narrative-driven to institution-driven
This change is not accidental but a necessary result of the reorganization of market liquidity patterns. When

In the past three months, Bitcoin's price has retraced 18%, but market capital inflows have exceeded $732 billion, indicating a healthy market and not a winter. The touch price order strategy suppresses volatility, and ETF and miner performance are strong, showing that Bitcoin is undergoing a normal correction during the mid-cycle bull market rather than entering a bear market.

Nasdaq proposes extending US stock trading hours to 23 hours per week, aiming to meet the needs of global investors. This will pose challenges to traditional financial infrastructure. While extending trading hours may attract more capital, it could also lead to liquidity dispersion and changes in pricing structures, increasing risks. This strategy is seen as a step toward promoting stock tokenization, indicating a potential trend toward 24/7 trading in the future.

As the crypto market shifts towards tangible collectibles, the NFT market is facing significant changes. Funds are gradually flowing into real-value physical assets, marking the end of investors' illusions about virtual assets. In early 2026, the NFT market experienced a slight rebound but still faces a liquidity crisis. Many NFT projects are repositioning themselves, seeking practicality and cultural identity. Future development may depend on the on-chain tokenization of physical assets and the transformation of functional assets.

Interactive Brokers launches stablecoin deposit service, enabling 24/7 around-the-clock fund flow, reforming traditional bank transfer methods, and improving trading efficiency. With Zerohash's technical support, users can quickly convert USDC into USD and deposit into their brokerage accounts. In the future, more stablecoins will be supported, demonstrating that traditional financial institutions are gradually integrating crypto assets.

Recently, global capital markets have shown clear divergence. The trading volume of A-shares has increased, and margin financing has hit a new high, with market sentiment remaining optimistic. Although sharp declines can be seen as entry opportunities, opportunities in the crypto space are hidden at the lows, so patience is needed to wait for low-level accumulation. The timing for institutional funds to flow back into the crypto space will be linked to increased stock market risks. As the crypto market gradually matures, it is expected to attract more capital.

The U.S. Digital Asset PARITY Act is attempting to address cryptocurrency tax issues, creating a tax-exempt safe harbor for stablecoin transactions below $200, and providing a deferred reporting scheme for mining and staking rewards. The bill is expected to improve the cryptocurrency usage environment and is projected to be passed by 2026, bringing new opportunities for everyday payments.

X officially tightens developer API permissions, cracking down on the InfoFi application ecosystem, leading to a sharp decline in related tokens and market turbulence. The policy aims to improve user experience, eliminate low-quality content, and promote the reshaping of the crypto ecosystem, with projects beginning to pivot. This move reflects major platforms adjusting their growth strategies, and in the future, they will focus on truly valuable content.

The recent cryptocurrency market has rebounded, with Bitcoin breaking through $90,000 and Ethereum returning to $3,000. This is mainly influenced by the US core CPI data being lower than expected, prompting investors to readjust their interest rate expectations. The US stock market has also declined due to technical corrections, while geopolitical risks are gradually increasing, especially the changes in Iran's situation which are sensitive to the market. In the coming days, the release of PPI and Federal Reserve statements may bring volatility, so market rebound movements should be closely monitored.

The release of the US September CPI data has attracted significant market attention and has become an important basis for Federal Reserve policy. Market forecasts suggest that the data will influence inflation trends and the US dollar's movement, thereby affecting Bitcoin prices. If the data falls below expectations, it may support risk assets; conversely, it could create downward pressure. Volatility increased after the data release, and the impact on Bitcoin varies under different scenarios. Overall analysis indicates that this CPI report's influence is unprecedented.

By early 2026, Bitcoin's price hovers just above $90,000, about 30% shy of its previous all-time high of $126,080. Behind this figure lies an eternal topic that has puzzled the cryptocurrency market for years: why does Bitcoin follow an almost perfect 4-year cycle, and is this pattern coming to an end?
The reasons for cryptocurrency price fluctuations are complex and far more intricate than simple supply and demand. From stock-to-flow ratios to global liquidity, from institutional participation to retail investor psychology, each factor plays a different role at various times. To understand Bitcoin's current market position—its circulating market cap reaching $1.80 trillion—one must delve into the essence of this cycle.
How the cycle works: the trilogy of accumulation, explosion, and retracement
Bitcoin's standard cycle is typically divided into four clear stages. The first is the accumulation phase, which usually begins after a price peak in the previous cycle collapses and continues

Since the beginning of 2026, the Bitcoin and crypto asset markets have shown a steady upward trend, but beneath the surface of prosperity, there are warning signals. According to the latest statistics from on-chain data analysis firm Glassnode, the spot trading market is facing liquidity difficulties, and the overall trading volume of cryptocurrencies has fallen to its lowest level since November 2023. What exactly is hidden behind this abnormal phenomenon?
Spot Trading Volume Plummets, Exposing Market Participation Crisis
Data shows that although Bitcoin prices continue to rise, currently around $90.16K, the actual trading activity in the crypto buy and sell market appears sluggish. The decline in spot trading volume indicates that the actual buying and selling strength within exchanges has significantly weakened, which is the best barometer for judging genuine market participation.
In a healthy bull market, rising prices are usually accompanied by increased trading volume—new funds continuously enter the market to exchange, and existing holdings