#美联储回购协议计划 The core logic of the crypto world has changed in 2025—no longer a single narrative, but diversification and deep institutionalization after reaching new all-time highs in total market capitalization.

【User Base and Market Foundation】
Global crypto users have surpassed 716 million, driven by the rapid growth of emerging markets. Take Argentina as an example: the usage rate of crypto wallets has increased 16-fold over three years. What does this indicate? Where traditional finance collapses, on-chain finance finds a market.

【Institutional Players Fully Entering】
2025 marks a watershed moment. Traditional financial giants like Citibank, JPMorgan Chase, and Visa are no longer on the sidelines; tech companies like PayPal and Stripe are also laying the groundwork. This is not just a test; it’s a full all-in.

【Sector Trends in Detail】

**Stablecoins: From Payment Experiments to Productivity Tools**
Total supply exceeds $300 billion, with an annual adjusted transaction volume of $9 trillion—basically, it has surpassed PayPal’s scale. Over 90% of on-chain payroll payments are made with stablecoins, which is not hype but a real payment revolution happening.

**DeFi: A Sign of Breaking Out**
Total value locked (TVL) has surpassed $150 billion mid-term, reaching a three-year high. Even more impressive, cross-chain DeFi activity has increased 52% year-over-year, and mobile DeFi users have grown 45%—liquidity is expanding, users are migrating, this is a true breakout.

**NFTs: A Year Filled with Disappointment**
Market cap dropped from $9.2 billion in January to $2.5 billion in December, a 72% decline. Blue-chip project floor prices have collectively collapsed. In 2025, this sector repeatedly confirmed bottoming out during the bear market.

【Current Investment Landscape】
Community survey data is interesting—nearly 60% of participants have made a profit. But how did they earn? Meme coins account for 34%, mainstream coins 26%, DeFi only 16%. What about those who lost money? Most failed to see the right timing for stop-loss or were driven by emotions to chase rallies and sell-offs.

【Deep Reflection】
BTC dominance has fallen below 40%. Is this short-term rotation and hype, or an inevitable diversification as the market matures? What insights does this offer for investment strategies? How else can altcoins be played? What are your thoughts on this issue?