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2025 Cryptocurrency Market Turning Point: From Speculation to Application-Driven Ecosystem Update
【Crypto World】The crypto market in 2025 is like a roller coaster — evolving from speculative stories to a true showdown between systems and applications. The numbers tell the story clearly: Q3 total market capitalization surged to nearly $4 trillion, although it later pulled back, it still stayed around $3 trillion by the end of the year. Bitcoin even reached a high of $126,000, driven by nearly $26 billion in continuous net inflows into spot ETFs.
The most interesting part is the explosive growth at the application layer — nearly 90% of network fees are absorbed by platforms like Hyperliquid and Pump, indicating that the ecosystem is truly shifting from trading to applications. Regulations are becoming more transparent, attracting institutional funds, but market volatility has certainly kept investors on their toes. The drop in November by 35% was mainly due to leverage and liquidation chain reactions. This year essentially tells one story: the era of pure speculation is fading, and what is truly useful is the future.