Looking back at the frenzy of early 2025, the abrupt shift from euphoria to deep freeze was essentially the “reckoning moment” for the wild growth of the crypto market—a time when the ebb of macro liquidity revealed its high-risk nature, tightening global regulation ended its unchecked expansion, imbalances in market structure exposed its inherent fragility, and the collapse of confidence ultimately completed the cycle of this “crypto winter.”

For investors, the crypto winter of 2025 was a harsh but profound lesson: no financial innovation can exist without the baseline of risk control; high-leverage trading is nothing short of “licking blood off the blade,” and blindly following speculation will inevitably lead to painful consequences.

For the crypto industry, only by bidding farewell to speculative frenzy and returning to the core of technological innovation and compliant operations—by focusing on the practical application of blockchain, upgrading security technologies, and establishing industry standards—can true sustainable development be achieved, and only then can the industry gain mainstream market recognition in the future.

In the short term, the crypto market will continue to struggle through the winter. After Bitcoin lost its $85,000 support level, most institutions predict it could further drop to the $70,000 range, with capital outflows and the pain of confidence restoration persisting. But this is not the end of the industry; it is the beginning of its restructuring.

Perhaps, as Galaxy Digital founder David Kim said: “The 2025 crash is not the end, but the true starting point for the crypto market’s maturity.” When the winter passes, those who held onto value and respected risk through the storm will ultimately witness the rebirth of the industry after reconstruction. This journey from frenzy to deep freeze will become the most memorable cautionary tale in the history of crypto industry development.