Who will be the winner in the 2025 crypto market? Top venture capitalists provide the answer

【Blockchain Rhythm】Who will be the last laugh in the 2025 crypto market? Recently, several industry big-name venture capitalists have provided their answers.

Mason Nystrom from Pantera Capital, Hootie Rashidifard, founder of Hash3, and Alana Levin, partner at Variant, all pointed out in a conversation: stablecoins, prediction markets, and leading traditional financial companies are the biggest winners this year.

Stablecoins Become Real Cash Cows

Rashidifard emphasized that stablecoins have performed quite wildly this year—trading volume and profit capabilities have both skyrocketed. Tether has become one of the highest-profit companies per capita. The key point is that stablecoins are no longer just hype concepts; they are genuinely addressing the basic financial needs of end users.

Prediction Markets Become the New Favorite

When discussing the fastest-growing sector, Levin unhesitatingly chose prediction markets. Platforms like Kalshi and Polymarket have shaken off early doubts of “purely pumping volume and only betting on elections.” The most explosive news is that Intercontinental Exchange (ICE) invested $2 billion in Polymarket this year—just imagine how strong this signal is.

Established Companies Ride the Wave

Nystrom believes that veteran companies like Robinhood responded very quickly as the regulatory environment gradually clarified, significantly accelerating their crypto deployment in 2025—they clearly see which way the wind is blowing.

Lessons from Failures

On the flip side, some have suffered heavy losses this year. Terraform Labs co-founder Do Kwon was sentenced to 15 years in prison in December for fraud related to the Terra collapse, marking a landmark failure case in the industry.

At the institutional level, Rashidifard believes that the previous hard enforcement by the US SEC did not bring real regulatory results; instead, it drove many entrepreneurs out. But the situation is reversing— with the new administration taking office, the passage of the GENIUS stablecoin bill, and the advancement of market structure legislation, the US government’s attitude toward the crypto industry is undergoing a fundamental shift in 2025.