The performance of the crypto market in 2025 makes people recall various crisis moments of the past:

Unforgettable crashes—COVID-induced collapse, LUNA's instant zeroing, the chain reaction of 3AC, Celsius and BlockFi's liquidation turmoil, to the complete collapse of FTX, and a series of regulatory pressures—all have once made the industry feel the winter chill.

But this time is different.

Looking at the reality: the stock market is hitting record highs, gold and silver are rising strongly, the Federal Reserve is increasing its holdings of government bonds, global money supply continues to expand, policy environment has shifted from confrontation to friendliness, and regulatory frameworks are gradually becoming clearer and leaning towards crypto.

This stark contrast is indeed thought-provoking. On one side, crypto remains weak, while on the other, liquidity is abundant, asset rotation is active, and policy winds are blowing favorably. Is the market still digesting past trauma, or is there another secret behind it?