A review of the cryptocurrency world in 2025——

January: Good news, Trump launched a cryptocurrency, Bitcoin hit a new high; Bad news: his whole family launched cryptocurrencies.

February: The President of Argentina also launched a cryptocurrency; Bybit was hacked by North Korean hackers with 1.5 billion USD worth of ETH; Trump is imposing tariffs, MAGA!

March: Continued imposing tariffs; The White House held its first high-end crypto dinner, where attendees could receive a limited edition Trump kid genius watch.

April: Tariffs escalated, causing further impact on the market, BTC plummeted from 109K to 74K.

May: Hong Kong's stablecoin regulation was passed.

June: The Genius Act was passed in the United States.

July: RWA and stablecoin concepts became popular, BTC rose to 123K, a historical high.

August: The altcoin season began; major companies including Circle are set to launch their own public chains.

September: DAT (Digital Asset Treasury Company) stock prices fluctuated greatly, but the hype remained strong, with ETH, BNB, SOL, and other DATs continuing alchemy.

October: "10·11" consecutive liquidations, over 20 billion USD in liquidations across the network, exacerbating the already tight liquidity.

November: CZ received a pardon from Trump, and CZ stated, "Trump could be Satoshi."

December: SEC Chairman Atkins reiterated Project Crypto, everything on-chain.

In summary, the poorly felt bull market is Trump's bull market, the institutions' bull market, the precious metals bull market, the traditional finance bull market.