In 2025, Hyperliquid added approximately 609,700 new users, with a cumulative trading volume of around $2.95 trillion across 198.9 billion transactions.

Previously, we compiled institutions’ views on Bitcoin’s 2025 trajectory.

On February 21, 2025, leading cryptocurrency exchange Bybit fell victim to one of the largest-scale hacker attacks in the industry’s history.

In 2025, the U.S. government is pursuing a pro-crypto policy. The goal is simple. It is to operate the existing crypto industry in the same way as traditional finance.

China’s policy direction — accelerating the development of the digital RMB while resolutely curbing virtual currencies including stablecoins — has now become completely clear.

In this end-of-year AMA, CZ reflects on 2025 as a turning point both personally and for the broader crypto industry.

This is a fundamental transformation of market structure, yet most people are still viewing the new era through the lens of old cycles.

What did crypto users care about most in 2025? We conducted a user survey through AI large models by asking the same question to different models.

The report is authored by Sean Farrell, Fundstrat’s Head of Digital Asset Strategy, who leads the firm’s research and commentary on crypto markets and blockchain.

From late 2024 to early 2025, the crypto market was broadly aligned around a common narrative for the next cycle.

Anatoly Aksakov, Chairman of the Russian State Duma Committee on Financial Markets, has stated that all domestic payments in Russia must be settled exclusively in rubles.

Over the past two years, the market’s attention has revolved around one question: will altseason return?