The crypto market in 2025 really feels like a magical realism movie.

On one side, the US Ethereum spot ETF has attracted nearly $10 billion, with institutions waving checkbooks and rushing in. On the other side, 48 countries worldwide have jointly launched the Crypto Tax Transparency Framework (CARF), and the regulatory net is spreading everywhere. The market is experiencing intense volatility amid these extreme opposites—hot money is flooding in wildly, and the warning sirens of policy tightening are growing louder.

Looking at a few major events happening now makes it clear:

The sovereign wealth funds in the Middle East have surpassed $15 trillion, massively increasing their investments in AI and digital assets. This is no small matter. What about the Ethereum ecosystem? After the mainnet underwent technical upgrades, transaction fees decreased, and the ecosystem value is accelerating its shift to Layer 2—this is a very interesting divergence. Additionally, Tether has been systematically converting profits into Bitcoin reserves, and now it publicly holds over 96,000 BTC.

Piecing these data points together outlines a new era: institutional capital entering on a large scale is real, and the global compliance framework is also becoming more complete. Where will this "Ice and Fire" confrontation ultimately lead the market? No one can be 100% certain, but what is clear is that the competitive landscape of crypto assets is being reshaped.