About the 2025 Crypto Memory: Ups and Downs, Refinement, and Integration

Written by: Yangz, Techub News

Jingle bells, jingle bells, jingle all the way…

When this familiar holiday tune rings out in the streets and alleys, the New Year for foreigners has arrived, and 2025 is entering the countdown. If I had to choose one word to summarize an extraordinary year in the crypto space, it would be: “Ups and downs”; as for the narratives that left a deep impression on me, the ones that come to mind are: the rollercoaster journey of DAT from celebration to silence under the leadership of Strategy, the wave of crypto enterprise IPOs and stablecoins sparked by Circle’s listing, the market’s lively yet calm response after the approval of meme coin ETFs, and the series of shocks including Bybit’s largest-ever crypto theft, tariff impacts causing market crashes, and the terrifying “10.11” flash crash…

Habitually, it’s time to review the year. Let’s put aside the noise of K-line charts for now, brew a cup of coffee, and slowly reflect on the twelve months, revisiting those key moments that shaped today’s industry.

January: Trump’s Token Launch and Executive Order Signing

The opening act of 2025 in the crypto industry revolved entirely around one person: Donald Trump.

In mid-January, before officially taking office, Trump shocked the entire crypto world with an unexpected move—he and First Lady Melania launched Meme Coins TRUMP and MELANIA on Solana. This “president personally endorses” stunt was unprecedented in crypto history and instantly ignited market frenzy. Many traders, including young Chinese speculators acting quickly across time zones and information advantages, rushed in and profited from this unprecedented celebrity effect. However, as sharp criticisms of “political wealth monetization” and “harvesting” emerged rapidly in public opinion, the frenzy was short-lived. The prices of both tokens soared like a rollercoaster then plummeted sharply, ending abruptly and leaving behind a mess and deep discussions on the moral risks of celebrity coins.

But this on-chain farce was only the prelude. On January 24, just three days after inauguration, Trump signed an executive order titled “Enhancing America’s Leadership in Digital Financial Technologies,” aiming to overturn the previous administration’s regulatory framework and establish a “Presidential Digital Asset Working Group” led by David Sacks, involving the Treasury Department, SEC, and other core agencies. The order called for designing a new federal regulatory framework for digital assets (especially stablecoins) and authorized research into a highly imaginative topic—the possibility of establishing a “strategic national digital asset reserve” for the U.S. Meanwhile, the order also directly halted the development of CBDCs, explicitly prohibiting it.

February: Regulatory “Relaxation” and Security “Alarm”

If January was a carnival dominated by political narratives, February saw the market driven by two opposing forces: the breeze of regulatory “relaxation” and legislative progress on one side, and the sharp alarm of the industry’s largest crypto theft on the other.

Since Gary Gensler’s official departure on January 21, the new SEC under Acting Chair Mark Uyeda has been working to reshape its image. First, the “withdrawal of lawsuits”: the SEC stopped investigations into major crypto firms like Coinbase, Binance, Uniswap, and others, and restructured its crypto enforcement division, shifting focus from broad industry oversight to cracking down on actual crimes. Meanwhile, the “Genius Act” (GENIUS Act), paving the way for legislation in the second half of the year, was jointly proposed by bipartisan lawmakers.

However, optimism was shattered at the end of the month by a heavy blow: Bybit suffered the largest-ever hack in crypto history, losing assets worth about $1.5 billion. This disaster was like a bucket of ice water, awakening everyone: no matter how grand the narrative, asset security remains the industry’s most vulnerable Achilles’ heel. Fortunately, Bybit’s crisis management and the market’s quick recovery demonstrated the resilience of the industry in adversity.

Additionally, the cooling of the Solana Meme Coin craze was notable. With fraud allegations against Meme Coins linked to political figures like Argentine President Milei, market sentiment shifted rapidly. After seven years of ups and downs, OpenSea announced it would issue a token. According to the latest news, OpenSea plans to launch its token SEA in Q1 2026.

March: Tariff Turmoil, Capital Feast, and HODLing Strategies

In March, under the impact of Trump’s tariff hikes, the market experienced turbulence, with Bitcoin briefly falling below $80,000. Yet, amid cautious and watchful sentiment, Wall Street, listed companies’ plans, and a White House order composed a symphony of “sovereignty, capital, and corporate entry.”

First, the industry saw a wave of “merger and acquisition frenzy.” Kraken announced acquiring futures platform NinjaTrader for $1.5 billion. Rumors circulated that Coinbase was in advanced talks to acquire options trading giant Deribit, with a potential deal larger than the previous record—ultimately, Coinbase bought Deribit for $2.9 billion, setting a new industry M&A record. Venture capital was also hot: Sequoia Capital invested $400 million into TON Foundation, and Abu Dhabi’s sovereign wealth fund MGX invested $2 billion in Binance. These transactions sent a clear signal: traditional financial giants are no longer content to wait on the sidelines—they are waving checks to seize future market dominance.

Second, the “corporate HODLing wave” entered a new phase. Pioneer Strategy again invested $2.4 billion to hold 29,000 BTC. More notably, this trend began spreading to more listed companies: GameStop’s board officially approved adding Bitcoin to its reserves, and platforms like Rumble and energy firm KULR joined the ranks.

Finally, a milestone event: on March 7, Trump signed an executive order establishing the “U.S. Strategic Bitcoin Reserve,” providing an unprecedented sovereign credit endorsement for the entire crypto asset class.

Other notable events include the battles for Solana Meme Coins between Pump.fun and Raydium, Binance’s renewed bans on illegal market makers, and CZ’s controversy over using a Memecoin themed around football star Ronaldinho to attract BNB Chain traffic.

April: Calm Amid Macroe Turbulence

Setting aside the intensifying US-China tariff war and Trump’s unpredictable rhetoric, April was relatively calm for the crypto industry, with no major upheavals but two far-reaching developments quietly taking shape.

First, the SEC welcomed a new chair. Paul Atkins pledged to establish a solid regulatory foundation for digital assets with “rationality, coherence, and principled” approaches, aiming to make the U.S. the “best and safest” jurisdiction for crypto globally. This stance sharply contrasted with Gensler’s tough enforcement and laid out a friendly regulatory blueprint for the future.

Second, Ethereum completed another critical strategic orientation. The Ethereum Foundation (EF) published three important articles: reaffirming the “Infinite Garden” philosophy emphasizing openness and decentralization; officially confirming the focus on scaling Ethereum mainnet with an ambitious goal of significant performance improvements over the coming years; and announcing the appointment of Hsiao-Wei Wang and Tomasz Stańczak as new co-CEOs, ensuring a smooth leadership transition. After criticism of Layer 2 ecosystems and competition, Ethereum chose to return to fundamentals, reinforcing its core as the “world computer.”

April was like a silent spring rain. Macroeconomic turbulence tested market maturity, regulatory shifts eliminated major uncertainties, and leading blockchains completed strategic focus for the future. When the noise subsides, the foundation of rationality is quietly laid. All these set the stage for a more vibrant and intense summer market.

May: Bitcoin’s New High and DAT Model Heating Up

In May, the crypto market warmed up amid macro easing. Early in the month, the US-China tariff suspension brought relief, and on the 22nd, Bitcoin broke the $110,000 mark for the first time, hitting a new high.

Behind the price rally, the DAT model expanded from Bitcoin to multi-asset. New meme coin DAT companies emerged, such as SharpLink Gaming (ETH), Upexi (SOL), and VivoPower (XRP). Institutional entry accelerated: after Coinbase’s record acquisition of Deribit, it was included in the S&P 500, becoming part of mainstream finance. Kraken, Robinhood, and others expanded through acquisitions and new products.

Legislatively, the White House and Congress continued advancing US digital asset regulation. On May 5, the House Financial Services Committee and Agriculture Committee released the draft “Digital Asset Market Structure Act,” and the “Genius Act” gained key procedural approval in the Senate, providing unprecedented certainty for the industry.

Additionally, Ethereum surged over 40% in May thanks to the Pectra upgrade, and the previously questioned derivatives protocol Hyperliquid rapidly captured the on-chain perpetual futures market, with its token HYPE soaring 75% in May.

June: Circle’s Listing and the US Stock Tokenization Wave

June was dominated by two parallel waves, clearly outlining the industry’s deep integration into mainstream finance.

First, the commercial value of stablecoins received formal valuation from traditional capital markets. On June 4, the second-largest stablecoin USDC issuer Circle successfully listed on the NYSE. The market responded enthusiastically, with its stock price soaring from $31 at issuance to $181 by month-end. This was not just a successful IPO but a referendum on the “stablecoin business model.”

Second, as the DAT narrative continued, the concept of “US stock tokenization” was revived. Robinhood announced in Cannes that it would open tokenized trading of over 200 US stocks and ETFs to users across 30 EU countries, planning to migrate to its own Layer 2 network optimized for RWA. Kraken and Bybit partnered with Swiss compliance provider Backed Finance to launch “xStocks,” covering over 60 assets. Meanwhile, Coinbase actively engaged with the SEC to seek regulatory approval for domestic tokenized securities trading; Gemini partnered with professional tokenization firm Dinari to launch tokenized stock trading services for EU users.

Furthermore, the prediction market sector, a native crypto application, received significant funding: Polymarket and Kalshi raised $200 million and $185 million respectively, fueling explosive growth in the second half of the year.

July: “Genius Act” Implementation and Market Heating Up

In July, the market’s heat rose along with the temperature.

Bitcoin’s price, driven by the DAT narrative and institutional funds, surged past $120,000 on July 14, setting a new record. Ethereum’s ecosystem also saw massive capital inflows: the US Ethereum spot ETF saw net inflows of $5.43 billion in July, a record monthly high. A key figure in the Ethereum DAT narrative, Tom Lee’s crypto fund Bitmine, announced a strategic increase in Ethereum holdings. Silicon Valley venture legend Peter Thiel also acquired 9.1% of the company.

As prices soared, foundational rules were quietly being laid in Washington. During the highly anticipated “Crypto Week,” Trump signed the “Genius Act” on July 18, establishing the first comprehensive federal regulatory framework for stablecoins. Rumors also circulated that the government was preparing an executive order to allow 401(k) retirement plans to invest in crypto, opening policy space for connecting ordinary people’s pensions with the crypto market.

Notably, the NFT sector, which had been dormant amid the financial asset rally, showed signs of revival. The “Fat Penguin” IP made a high-profile debut on Nasdaq, submitting an ETF application, and several projects launched “face-swapping” trends.

August: Market Divergence

August saw significant divergence in the crypto market. After Bitcoin hit a new high of $124,000 mid-month, it retreated to around $108,000 by month-end. Ethereum, with its independent narrative, broke through $4,950, reaching a historic high not seen since early November 2021. Chainlink (LINK) surged nearly 75% in August, stimulated by news of its cooperation with the U.S. Department of Commerce.

On the policy front, SEC Chair Paul S. Atkins published a guiding article on July 31, announcing the launch of “Project Crypto,” aiming to reject the previous “enforcement-first” hostile regulation, and promote “on-chain” financial markets in the U.S. with clear, predictable regulation to attract global firms back. In stablecoins, with the “Genius Act” enacted, global competition intensified: Wyoming launched the first state-level legal stablecoin, continuing its pioneering role in crypto legislation. Across the ocean, Hong Kong’s “Stablecoin Regulations” officially took effect on August 1, with the Financial Authority opening license applications, attracting many companies including JD.com (though some later withdrew).

This month also featured typical market dramas and profound technical warnings. Kanye West’s YZY token on Solana experienced a rollercoaster, illustrating the high risks of celebrity coins. More disruptive was the incident where Qubic temporarily seized over 51% of Monero’s hash power through a “peaceful takeover,” sparking widespread debate on decentralization and security models.

September: Rate Cuts, Crypto ETP Channels, and Big Players’ Strategies

September’s macro policy shift injected new liquidity expectations, and industry giants’ strategic plans became clearer.

First, a key macro turning point: on September 17, the Fed announced a 25 basis point rate cut at the FOMC meeting—the first in 2025. Second, the “institutional channel” for entering crypto was unprecedentedly simplified and standardized: the SEC officially approved general listing standards for crypto ETPs. This means that as long as tokens meet certain standards (like being traded on qualified exchanges), issuers can launch new ETP products without lengthy, case-by-case approval, greatly streamlining the process.

Meanwhile, industry giants launched multi-dimensional strategies. Native crypto firms accelerated their entry into traditional markets: Figure, dubbed the “RWA first stock,” listed on Nasdaq; Gemini followed with an IPO, creating a mini boom. Traditional financial giants like BlackRock and Nasdaq announced plans for tokenized assets, accelerating integration. Notably, Asian financial forces like Yunfeng Financial quietly bought over 10,000 ETH in two months, hinting at a larger “chess game” unfolding.

In niche sectors, competition in stablecoins deepened. Tether revealed its strategic blueprint, seeking up to $20 billion in funding and planning to launch the compliant stablecoin USAT, directly targeting the U.S. market to challenge Circle. In decentralized stablecoins, Native Markets gained the right to issue Hyperliquid’s USDH, despite some controversy, showing progress in building native financial infrastructure. On-chain, the “DEX wars” erupted with the emergence of Aster, directly competing with Hyperliquid.

October: “10.11” Bloodbath, “Binance Life,” and SOL ETF

October saw a storm from macro shocks to internal liquidations, entering the history books with an epic crash.

Early in the month, the US government shutdown sparked fears, and Trump’s threat of 100% tariffs on China on October 10 triggered panic. Uncertainty caused liquidity to tighten sharply, and highly leveraged markets became extremely fragile. On October 11, the tragedy peaked: the crypto market experienced an epic liquidation, with nearly $19 billion in futures positions forcibly closed—recording the largest single-day liquidation ever. Soon after, stablecoins like USDe de-pegged. Amid the chaos, privacy coin Zcash (ZEC) surged over 4 times, possibly as a hedge against regulatory uncertainty.

Despite the turbulence, financial product innovation continued. Building on the general listing standards from September, institutions like China Asset Management and Bitwise launched Solana spot ETFs, paving the way for a wave of “altcoin ETFs.”

The drama extended to social media: during the National Day and Mid-Autumn Festival, Chinese Meme Coins like “Binance Life” and “Customer Service Xiao He” became trending topics on the chain. However, this short-term hype ended with price crashes and retail losses, a classic scene in bear markets.

The tumultuous October closed with a political shock: Trump’s pardon of Zhao Changpeng. While seen as a gesture of friendliness toward the industry, it also sparked widespread doubts about potential insider benefits and future insider trading risks.

November: Privacy Sector and x402 Hot Trend

November’s crypto market continued downward amid the aftershocks of October’s “flash crash.” The shadow of “10.11” lingered, and the market was further affected by the US stock “Black Tuesday,” with Bitcoin briefly falling below $100,000. Industry crises erupted: Balancer was hacked, stablecoin xUSD unexpectedly de-pegged, causing trust issues in DeFi; meanwhile, leading DAT companies began selling off assets, China’s Huajian Medical paused acquisitions, and Sequans sold 970 BTC to pay debts. On the macro front, the Fed’s hawkish rate cuts worsened liquidity fears. Under multiple pressures, Bitcoin dropped to $80,600 on November 21, and market sentiment hit a low. Yet, similar to October, privacy coins remained the “countertrend kings.”

Second, a silent revolution was underway at the basic payment layer. Developers and capital shifted focus from speculative markets to Coinbase’s new open payment protocol x402. This protocol aims to support AI-driven, autonomous micro-payments without human intervention or traditional intermediaries, with blockchain as the final settlement layer. Its daily transaction volume surged from less than 50,000 in October to over 2 million by November’s end. This is not just a technological leap but hints at a “programmable economy” where value exchange occurs directly between machines (M2M).

Meanwhile, thanks to the September general listing standards, the crypto ETP market continued to innovate and expand, including products for XRP and Dogecoin.

Notably, prediction market platform Kalshi’s valuation soared from $5 billion to $11 billion within a month, with an additional $1 billion funding round involving Sequoia Capital, Alphabet’s CapitalG, and others. Coinbase also launched a retail token sales platform, paving the way for its “omni-exchange” super app ambitions.

December: Calm Closure

December saw the crypto market close in calm, with reduced volatility but underlying currents still flowing.

Within the industry, two battles over “discourse power” drew attention. Leading DeFi protocol Aave faced governance disputes between DAO community and developers, exposing challenges in decentralized governance. Meanwhile, traditional finance’s acceptance of crypto assets was tested: global index giant MSCI proposed removing DAT companies from its main indices, prompting Strategy’s strong rebuttal.

On the regulatory front, positive signals persisted. Trump’s appointees, crypto-friendly Mike Selig and Travis Hill, were confirmed by the Senate to lead the CFTC and FDIC respectively. The CFTC launched a pilot program allowing Bitcoin, Ethereum, and USDC as qualified collateral in derivatives markets, opening channels for institutional participation.

The most notable move this month was Coinbase’s vision for the future: under the slogan “The future of finance is on Coinbase. All in one app,” Coinbase announced the “omni-exchange” era.

Epilogue

As Christmas carols echo in the year-end air, our cup of reflection is already empty.

This year, we witnessed the dramatic start of “president’s token issuance” and endured the pain from the “10.11” liquidation storm. These moments, whether absurd or brutal, are like high fevers that, through purification, forge a more resilient security system and clearer governance awareness for the industry. Beneath the surface of volatility, a clear thread runs through: the crypto world is irreversibly moving from the periphery to the center, from chaos to order.

The new year’s clock is about to strike. The road ahead may not be smooth, but the direction has never been clearer. Let us carry the memories, lessons, and unyielding hopes of exploration into a more integrated—and undoubtedly more exciting—new era of crypto.