The cryptocurrency market has reached a fundamental turning point in 2025. This shift is not just a simple price increase or temporary policy change, but a phenomenon where the nature of capital, the structure of assets, and the clarity of rules are simultaneously and recursively improving. The movement of capital from individuals to institutions, the evolution of assets from narratives to on-chain dollar systems, and the transition of regulations from uncertainty to normalized frameworks are three key changes that are fundamentally reshaping crypto from a "high-volatility speculative asset" into a "modelable financial infrastructure."
Recursive improvement beginning with institutions growing as limited buyers
In the early stages of the cryptocurrency market