Funds Are Still in the Market, But Interest in Altcoins Has Faded
The article analyzes the structural shifts in the crypto market in 2025, arguing it was not a typical bull or bear cycle but a period of institutional repositioning. Key themes include:
- **Policy and Regulation**: Clearer frameworks emerged (e.g., GENIUS Act, ETF approvals), reducing uncertainty and defining compliance boundaries, but without triggering a broad market boom.
- **Capital Flow**: Significant capital entered through low-risk channels like stablecoins (e.g., USDe growth), ETFs (favoring BTC/ETH), RWA (e.g., treasury bonds), and DAT strategies, but this liquidity did not spread to most altcoins.
- **Market Stratification**: While Bitcoin and Ethereum saw institutional support, ~85% of new tokens underperformed, with median FDV down over 70%. The market split: institutional capital focused on compliant assets, while speculative activity concentrated in niches.
- **Key Sectors**:
- *Real-yield assets* (e.g., DeFi protocols with fee mechanisms) gained traction as they offered returns without relying solely on narrative hype.
- *AI/Robotics x Crypto* cooled in price but remained relevant long-term for infrastructure potential.
- *Prediction markets and Perp DEXs* grew by serving native demand for leverage and event speculation, though they face efficiency challenges.
Conclusion: 2025 marked a transition where narrative-driven rallies became shorter and more selective, while institutional capital prioritized assets with clear utility, compliance, and yield. The market is structured for continued divergence between mainstream and altcoins in 2026.
比推01/20 05:41
