Top 10 Cryptocurrency Events of 2025: Policies, Sky-High Prices, Whales, and a $1.4 Billion Hacker Storm

January 23, 2025, then-U.S. President Trump signed Executive Order No. 14178: Strengthening America’s Leadership in Digital Financial Technologies. This document completely reversed the policy direction on digital assets in the United States and is regarded as a key turning point in the market.

Regulatory certainty was unleashed, fueling a wave of industry mergers and acquisitions that reached a total transaction volume of $86 billion for the year, with a single deal where Coinbase acquired Deribit valued at $2.9 billion.

01 Policy Shift: Trump’s “Crypto President” Year One

In 2025, Trump became the first leader in U.S. history to be widely called the “Crypto President”. The first crypto-related executive order he signed on January 23 laid the policy foundation for the entire year’s market.

The core of this order was to establish the U.S. support for the development of the digital asset industry as a national policy, explicitly protecting citizens’ rights to access and use public blockchains, conduct transactions, and self-custody assets.

At the same time, it completely abolished the regulatory framework of the previous administration and explicitly prohibited the establishment and circulation of central bank digital currencies (CBDCs) in the U.S., shifting the development focus entirely to private sector crypto innovation.

This policy shift directly energized the traditional financial world. By 2025, over 28% of Americans held cryptocurrencies, and previously cautious banks and asset management giants also entered the space.

02 Price Surge: Bitcoin Touches $126,000 Historical Peak

Driven by policy tailwinds and institutional capital, Bitcoin experienced a thrilling rally in 2025.

According to Gate market data, Bitcoin briefly approached $126,000 per coin in early October, setting a record high trading price.

Multiple factors contributed to the price surge. On one hand, the market believed that the Federal Reserve’s rate cut cycle had started earlier than expected, shifting global liquidity expectations.

On the other hand, Bitcoin spot ETFs continued to attract funds, coupled with the U.S. federal government experiencing a “shutdown” in early October due to funding issues, which sparked expectations of capital flow into safe-haven assets, pushing Bitcoin’s price to its peak.

After reaching a new high, the market experienced intense volatility, with prices plunging and turning downward. By late December, Bitcoin’s trading price fell back to around $90,000.

03 Institutional Entry: $86 Billion M&A Frenzy and DAT Financial Flywheel

The resonance of policy and price created unprecedented industry consolidation. In 2025, the total value of mergers and acquisitions in the crypto industry reached a record $86 billion, nearly four times the total in 2024.

Among them, Coinbase’s acquisition of derivatives trading platform Deribit for $2.9 billion marked the largest acquisition in the industry’s history.

Beyond M&A, a model called DAT exploded in 2025. DAT refers to publicly listed companies strategically incorporating cryptocurrencies like Bitcoin and Ethereum into their balance sheets.

Its core is the “financing-buying coins-share price increase-refinancing” financial flywheel. The total value of digital assets held by global DAT companies has exceeded one hundred billion dollars.

DAT’s asset allocation has expanded from early Bitcoin holdings to include Ethereum, Solana, and others. For example, U.S.-listed company BitMine launched an Ethereum treasury strategy in 2025, causing its stock price to soar over 1100% in a short period.

04 Dark Side of the Market: $1.4 Billion Bybit Hack and Security Woes

While the industry surged forward, security shadows persisted. In the first quarter of 2025, losses from cryptocurrency hacking attacks exceeded $2 billion.

Among them, access control vulnerabilities alone caused nearly $1.63 billion in losses, primarily due to a $1.4 billion vulnerability at the exchange Bybit.

The scale and complexity of hacking attacks continued to increase, indicating greater involvement of state actors. This incident sounded an alarm for the entire industry.

It revealed a harsh reality: protecting digital assets requires ensuring the security of on-chain code, from front-end interfaces to internal infrastructure; any weak link can destroy the entire system.

05 Ecosystem Evolution: Stablecoins, SOL Breakthroughs, and New Market Narratives

Under macro narratives, specific tracks and assets also underwent critical evolution in 2025.

Stablecoins received clear regulatory support, with their circulating market cap growing by 50% during the year. They are being more widely used for cheaper, faster cross-border payments.

In terms of public blockchains, Solana became a new focus in the DAT space. As of December 26, according to Gate market data, SOL/USDT was quoted at $120.

With the improvement of market infrastructure, the attribute of cryptocurrencies as a payment tool is also strengthening. For example, MoonPay partnered with Mastercard to launch a cryptocurrency wallet-linked card, enabling easier use of stablecoins for daily transactions.

06 Future Outlook: Regulatory Integration and Uncertainty in 2026

Looking ahead to 2026, the merger wave initiated by policy is expected to continue. More traditional financial institutions will enter the crypto space, further consolidating the industry landscape.

However, risks and challenges coexist. On one hand, mainstream financial indices like MSCI are considering excluding companies whose balance sheets are primarily composed of crypto assets, which could impact institutional capital inflows.

On the other hand, while Trump’s policies brought short-term prosperity, their strong personal and partisan colors also mean policy prospects are uncertain amid domestic political struggles and international financial sovereignty competition.

Market maturity also means increasing homogenization competition. The early “scarcity premium” enjoyed by DAT companies is fading, and investors will focus more on how companies leverage staking, DeFi, and other methods to actively increase on-chain assets, rather than simply hoarding coins.

Future Outlook

As of December 26, Bitcoin’s price hovers around the $90,000 mark, nearly 30% below its all-time high. Meanwhile, SOL is priced at $120, indicating ongoing vitality in the public chain ecosystem.

This year, signatures from policymakers, institutional capital contracts, and hacker keyboard taps have jointly composed a tumultuous symphony of cryptocurrencies. The market cap fluctuated sharply between excitement and panic, once evaporating nearly $1 trillion in a single month.