In 2025, Bitcoin and Ethereum experienced a rollercoaster market. The market logic for this year was very clear—every change in policy directly affected the price direction.

Looking back over the year, several key events have reshaped the market landscape. The speculative wave sparked by the meme coin craze, the technical adjustments triggered by tariff policies, and the institutional breakthroughs brought about by pension funds entering the market — Bitcoin has broken through the $120,000 mark, setting a new record. Behind this is the gradual friendliness of the policy environment.

Deeper changes lie in the fact that the regulatory framework is improving, and compliant channels are opening up. The adjustments within the SEC, the continuous influx of funds into spot ETFs, and the sustained inflow of institutional capital indicate that the crypto market is evolving from a phase of wild growth to a more institutionalized environment. The epic liquidation on October 11 was frightening, but it also proved that market liquidity and the maturity of participants are improving.

A few insights for investors:

**Policy direction determines the major direction.** The regulatory attitude of the United States and the trends of the Federal Reserve are now more important than the technical aspects. Paying attention to policy signals can often provide an early advantage.

**Risks always exist.** Black swan events can strike at any time, and the crash on October 11 reminds us that being alive is the key to the future. Position management is more critical than betting.

**Spot is the ultimate goal.** Long-term holding of quality assets, maintaining patience amidst volatility. Accumulate in bear markets and profit in bull markets, this is the cyclical rule.

**Time is the best friend.** The more mature the market, the more opportunities tilt towards those who are patient. The advantage of retail investors lies not in trading speed, but in the holding period.

The cryptocurrency asset market is reshaping, the landscape is changing, and opportunities are also changing. Whether you can seize this wave of opportunities depends on your understanding of trends and the stability of your mindset.