The cryptocurrency market in 2025 experienced an unprecedented rollercoaster ride. Bitcoin and Ethereum, which were hitting record highs at the beginning of the year, faced a cliff-like crash by October.

The turning point was very clear—October 11. Bitcoin plummeted from its all-time high of $126,000, breaking through three psychological thresholds within just a few days, with the lowest dipping near $80,000. This event, dubbed the "10·11 Panic Night" by the market, triggered a massive deleveraging sell-off, causing the entire market to shift instantly from euphoria to panic.

An interesting contrast is that while crypto assets were falling, traditional safe-haven assets were celebrating. Gold gained nearly 70% throughout the year, and silver soared over 130%, as if mocking the believers who held onto digital assets.

The situation was most dire for small and mid-cap coins. Data shows that most altcoins in 2025 retreated 80% to 99% from their yearly highs, with many small tokens nearly losing all value. The entire market displayed a polarization—large coins could still hold on, while small coins became the biggest victims of this correction.

Even more ironic, the so-called "Year of Policy Bonuses," which was expected to be a bright year, ended in disappointment. Bitcoin's total decline for the year approached 5%, a heavy blow for investors who had high hopes at the start of the year. From the frenzy of institutional funds rushing in to the current collective calm, 2025's crypto market tells a story of a turning point through data.