The 2025 crypto market is like a duet—some celebrate a new era, while others are stuck in stagnation.

Bitcoin reaching $120,000 is a recognized achievement. But looking beyond this year, you'll see that the industry's true landscape is much more complex than this impressive scoreboard. On one side, historic events have been unfolding: the issuance of government-backed digital currencies has gone from "fantasy" to reality, a $1.5 billion hack has shocked the industry, and a $20 billion liquidation wave has wiped out countless accounts. On the other side, new ideas are dwindling, and the stories being told are becoming stale. The industry is relying on its old successes.

Interestingly, the real potential for breaking out lies with stablecoins. Not the flashy concepts, but these simple tools quietly transforming payment systems and asset circulation. While everyone debates whose narrative is up-to-date, stablecoins have already been quietly expanding their influence.

Summary for 2025? Bitcoin has demonstrated high achievement, but the entire ecosystem needs more breakthroughs in thinking, not just in price.