The takeaway is simple: 2025 was the year crypto institutionalized.
What held up:
- Bitcoin became a strategic reserve asset
- Crypto ETPs entered the financial mainstream
- Stablecoins evolved into core financial infrastructure
- DeFi refocused on real revenue and cash flows What didn’t:
- Ethereum’s revenue renaissance didn’t materialize
- UX-first L1s struggled to convert adoption into economics
- Blockchain didn’t become AI’s watchdog (yet) Not about being right or wrong — about what the market learned.
Read the full scorecard
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