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2025 has reshaped the underlying logic of the crypto market.
Take a look at these changes: the source of funds has shifted from retail dominance to large-scale institutional entry; asset value support has evolved from speculative concepts to real on-chain liquidity and trading volume; the entire industry has gradually moved from a gray area into a regulated era.
What do these changes mean? How will 2026 evolve? This analysis will clarify it for you.