Key insights
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Bitcoin's rise to over $100,000 in 2025 marked a shift from speculative trading to long-term institutional acceptance. Banks and governments began to view BTC as a strategic reserve.
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The GENIUS Act created a unified U.S. framework for payments stablecoins, mandating 1:1 reserve assurance, stricter issuer qualifications, and stronger consumer protections.
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Real-world asset tokenization exceeded $30 billion on-chain, driven by tokenized U.S. Treasury securities and personal loans. Firms like BlackRock, JPMorgan and Apollo have integrated RWAs into DeFi markets.
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Onchain perpetual futures recorded over $1 trillion in monthly trading volume, with platforms like Hyperliquid achieving speed and depth comparable to centralized exchanges.
Bitcoin (BTC) crossing the $100,000 threshold this yr had more symbolic meaning than speculative excitement. What was once considered a speculative asset became a structured a part of the worldwide economic system. 2025 was a yr less about hype and more about meaningful progress in infrastructure, regulation, institutional investment and technology.
This article highlights a very powerful cryptocurrency events of the yr.
Bitcoin is entering an institutional phase
Spot Bitcoin exchange-traded funds (ETFs) brought Bitcoin into the portfolios of asset managers, pension funds and company treasuries and pushed it beyond retail markets. Daily ETF inflows have grow to be a key indicator of market confidence. Unlike previous cycles characterised by high-leverage trading, 2025 saw regular interest from skilled investors.
Banks began conducting Bitcoin transactions on their very own balance sheets. Intesa Sanpaolo, Italy's largest bank, conducted its first proprietary Bitcoin trade in January 2025, purchasing €1 million value of BTC on an experimental basis. Several countries are also exploring the concept of strategic Bitcoin reserves, referring to long-term national holdings of the asset.
On March 6, 2025, US President Donald Trump signed an executive order establishing a Bitcoin Strategic Reserve, a everlasting asset fund backed by expired BTC. The Czech National Bank has also announced that it’s considering adding Bitcoin to its strategic reserves.
Did you already know? Bitcoin mining corporations work with energy producers to stabilize power grids and monetize excess electricity.
Passing of the GENIUS Act
In 2025, stablecoins have evolved from trading instruments to regulated payment and settlement assets. The GENIUS Act, which went into effect on July 18, 2025, created the primary comprehensive U.S. federal framework for payment stablecoins.
The law clarifies that qualified payment stablecoins are usually not securities, creates a unified federal licensing and oversight system for issuers, and requires full 1:1 reserve backing with high-quality, highly liquid assets akin to money and short-term U.S. Treasury securities. It also requires regular public disclosure of the composition of reserves to make sure transparency and consumer protection.
Only approved and qualified entities, akin to subsidiaries of insured custodian banks, can now issue stablecoins. These issuers must meet strict capital, liquidity and risk management standards. The law also comprises provisions to guard stablecoin holders within the event of the issuer's bankruptcy.
While the GENIUS Act was modeled on previous proposals, it strengthened financial stability protections. Concerns a couple of fragmented monetary system have been addressed by making a clearer and more coordinated regulatory framework for digital dollar payments.
The rise of tokenization of real-world assets
In 2025, real-world asset tokenization (RWA) moved from experimental pilots to the institutional mainstream, with on-chain value exceeding $30 billion, a rise of 300-400% over three years. U.S. Treasury bonds and personal credit are driving institutional adoption.
Launched in March 2024, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) brings U.S. Treasury bonds on-chain through tokenization. BUIDL now holds a Total Value Locked (TVL) of greater than $2 billion across multiple blockchains and distributes each day interest backed 1:1 by real assets.
The advantages of RWA tokenization include fractional ownership, 24/7 liquidity, and cross-chain interoperability through protocols like Chainlink CCIP. Institutions like JPMorgan and Apollo are integrating RWAs into decentralized finance (DeFi), further blurring the lines between traditional finance and blockchain.
Did you already know? Tokenized US Treasuries have grow to be one in every of the fastest-growing categories within the DeFi space, offering low-risk on-chain returns.
Onchain Perpetual Futures and the Hyperliquid Milestone
In October 2025, DeFi perpetual futures monthly trading volume exceeded $1 trillion, putting platforms like Hyperliquid on par with centralized crypto exchanges. Daily trading volume for decentralized perpetual contracts averaged around $45.7 billion this month, while open interest on the chain rose to $16 billion. This increase reflects sustainable market positioning quite than short-lived speculative activity.
Hyperliquid’s HIP-3 upgrade in October enabled the creation of a permissionless market through the deployment of 500,000 HYPE tokens. The update decentralized listings and encouraged innovation in recent asset classes akin to stocks and RWAs. The platform’s quick execution and high liquidity have further narrowed the gap between centralized and decentralized exchanges.
Ethereum strengthens its core role
This yr, Ethereum has strengthened its fundamental role within the blockchain ecosystem through strategic improvements and increasing institutional adoption. The Pectra upgrade, activated in May, doubled blob capability, reduced Layer 2 fees, and improved transaction throughput. Additionally, the validator's stake cap was increased from 32 ETH to 2,048 ETH, increasing the efficiency of the validator.
In July 2025, spot Ether ETFs recorded $12.1 billion in inflows, led by BlackRock's iShares Ethereum Trust (ETHA), highlighting strong institutional demand. Regulatory clarity from US Securities and Exchange Commission decisions positioned Ethereum as a compliant infrastructure for DeFi and RWAs and strengthened its role as a strong settlement layer of Web3. The upcoming Fusaka upgrade in December is predicted to deliver further PeerDAS optimizations and strengthen Ethereum's long-term position.
Did you already know? Companies are increasingly using private or hybrid Ethereum chains for supply chain tracking and settlement operations.
Solana's transformation
Solana's narrative took a significantly positive turn in 2025. Once criticized for network failures and instability, the network made great strides in reliability and performance. The introduction of Firedancer, a brand new validator client, improved redundancy and processing capability and reflects Solana's concentrate on large-scale, reliable operations.
Institutional markets and derivatives markets have also adopted Solana in 2025. Leading regulated platforms introduced Solana-based futures and options, enabling hedging and arbitrage opportunities previously limited to Bitcoin and Ether (ETH). This development reinforced Solana's growing importance in large-volume applications akin to on-chain trading, gaming, and consumer services.
The industry is facing security challenges
In 2025, the industry was once more reminded that security stays a significant challenge. With greater than $2.17 billion stolen from cryptocurrency services as of November 11, 2025, this yr has already proven more devastating than all of 2024 when it comes to total losses. A big portion of the stolen funds got here from North Korea's $1.5 billion hack of Bybit.
As cryptocurrencies grow to be more integrated into global finance, security deficiencies now represent systemic risks quite than isolated incidents. The increasing sophistication of attackers reflects the industry's technological advancements. In 2025, AI-driven attacks and complicated supply chain vulnerabilities led to widespread efforts across the industry to strengthen cybersecurity practices.
