Original / Odaily Planet Daily (@OdailyChina)

Author / Wenser (@wenser2010)

2025 is about to come to an end. Standing at the conclusion of the "Year of Crypto Mainstreaming," it's time to summarize this year's four quarters with some keywords and glimpse how the world is being gradually permeated and transformed by cryptocurrency.

The crypto world in 2025 has experienced many ups and downs: from Trump taking office as President of the United States in early January to the U.S. initiating a tariff trade war in April; from Strategy leading the trend of DAT treasury companies with a temporary profit of hundreds of billions of dollars, to ETH, SOL treasury-listed companies, and even altcoin treasury companies flourishing and then falling silent; from stock tokenization platforms being seen as the "best combination of DeFi and TradFi," to the Nasdaq Stock Exchange undergoing self-revolution to join the stock tokenization craze; from the wealth creation frenzy sparked by on-chain Perp DEXs like Hyperliquid and Aster to the dual oligopoly of prediction markets Polymarket and Kalshi being valued at over $10 billion; from the GENIUS stablecoin regulatory bill to the stablecoin craze that always mentions PayFi; from crypto IPOs to the normalization of crypto ETFs… In the process of countless funds, attention, and regulatory forces clashing, fighting, and reconciling, amidst numerous wealth creation projects, meme spoofs, and hacking incidents, in the fervor of FOMO, new highs, and frantic buying, and in extreme fear, massive crashes, and black swans, the crypto industry's tree of maturity has added another ring.

Behind the sleepless money is the rise and fall of meme coin players, the financial struggles of yield farmers, the large-scale incorporation by Wall Street, and the lifting of restrictions by U.S. regulators. This year is somewhat complex—it is neither a complete bull market nor a cold bear market; compared to the past, where the crypto market had clear highs and lows and sector rotations, the crypto industry in 2025, influenced by Trump and many authoritarian governments, resembles a jumping monkey; some have fallen from grace, while others have risen to prominence. As for the gains and losses, perhaps our upcoming “2025 Crypto Investment Memoir” will reveal more answers.

In this article, Odaily Planet Daily will use four quarterly keywords to review crypto in 2025.

Crypto Spring: The Trump Effect Continues, TRUMP Creates Wealth, and Crypto Regulatory Framework Clarifies

In January, Trump officially took office as President of the United States.

Continuing the hot momentum from last year's election victory, the crypto market, after a brief consolidation, saw BTC prices once again approaching the $100,000 mark.

Just three days before Trump took office, the "Trump Official Meme Coin" known as TRUMP brought the first wave of wealth creation to many crypto participants this year.

I still clearly remember that morning when a colleague first shared the TRUMP token contract, its total market cap (FDV) was only around $4 billion, and amidst doubts like "Has Trump been hacked?", "Does the U.S. President dare to issue a coin?", and "Is Trump trying to make a last grab before becoming president?", TRUMP's total market cap surged, quickly breaking through $10 billion, then $30 billion, and finally reaching over $80 billion.

In this astonishing wealth creation frenzy, many meme players in the Chinese community made a fortune, with some individuals earning as much as several million dollars, even exceeding $20 million. For a list of TRUMP wealth creation traders, I recommend reading “Who Made Over a Million Dollars from TRUMP? The Winning KOLs and the Disappointed ETH Maxis”_.

This was also a "second spring" for the crypto market, reignited by Trump's personal influence after he was elected President of the United States in November 2024.

Soon, the crypto market also offered its own "gift" for Trump's presidency—on January 20, a month later, BTC once again broke its historical high, with prices rising to $109,800.

At that time, everyone regarded Trump as the undisputed "first crypto president." Perhaps many did not realize that "water can carry a boat, but it can also capsize it." What Trump brought to the crypto market was not only favorable macro policies and regulatory environments but also a series of controversies, harvesting, and repeated swings brought by his family's crypto projects.

On the other hand, the key point of the "Trump Effect" lies in whether he can directly improve the U.S. crypto regulatory environment after taking office—

Firstly, whether he can bring clearer boundaries and more friendly rules through legislation and executive orders for crypto regulation. Trump gradually put some of his promises into practice, including replacing the SEC chairman with Paul Atkins, appointing David Sacks as the White House AI and cryptocurrency director, and promoting the passage of the GINUS stablecoin regulatory bill.

Secondly, there was the "BTC National Strategic Reserve" that the crypto market and many crypto-friendly politicians were concerned about. In early March, Trump signed a presidential executive order to promote the establishment of a U.S. Bitcoin strategic reserve using previously confiscated BTC assets. He also emphasized: "It will not increase the burden on taxpayers." For more details, I recommend reading “Trump Promises to Establish BTC Strategic Reserve, But Is Funding Solely from Confiscated Assets?”_.

Despite this, the outcome of the Polymarket bet on "Will Trump create a national Bitcoin reserve in his first 100 days?" was ultimately determined to be "No" (Odaily Planet Daily note: The reason is that the rules of this betting event mentioned that confiscated assets do not belong to the BTC reserve), which left many people feeling frustrated, with some even shouting "scam site" in the comments section of the event.

Polymarket betting event rules information

At that time, "insider whales" had already begun to emerge, with the "50x leverage insider" on Hyperliquid profiting millions of dollars from news about "Trump establishing a cryptocurrency reserve." For event details, refer to “Reviewing the Hyperliquid Contract 'Insider' Operations, Precise Long and Short Openings and Closures”_.

During this period, there were also many controversial events that embroiled Trump, including the TRUMP-related “Melania Token Incident” and the LIBRA incident triggered by Argentine President Milei, both considered "dark masterpieces" of Trump's coin issuance group. In addition, the first quarter of the crypto market also witnessed a series of "historic events," including:

• Hyperliquid's “Largest Airdrop of the Year” that made many on-chain players envious;
• Bybit suddenly attacked by North Korean hacker group Lazarus Group, losing $1.5 billion in assets;
• The controversial Ethereum Foundation underwent a major update, with former executive director Aya promoted to chairman.

At that time, the industry did not anticipate that this catfish, Trump, would soon let the market witness an American version of "success and failure both depend on the same factor."

Crypto Summer: DAT Treasury Companies, ETH Breaks New Highs, Stablecoins Take Center Stage

As the second quarter began, the crypto market was dealt a heavy blow—at the beginning of April, Trump initiated a global "tariff trade war," causing a sudden panic in the global economic situation, severely impacting both the U.S. stock market and the crypto market.

On April 7, during “Black Monday”, the U.S. stock market saw over $6 trillion evaporate in nearly a week, including more than $1.5 trillion in market cap lost by the "Big Seven" U.S. tech companies like Apple and Google. After nearly a month of turbulent market conditions, the crypto market finally experienced a significant drop—BTC once fell below the $80,000 mark, hitting a low of $77,000; ETH dropped to a low of $1,540, marking a new low since October 2023; the total crypto market cap fell to $2.6 trillion, with a single-day drop of over 9%. For further reading, refer to “Digging Deep into the 'Culprit' Behind the Tariff War, Over $6 Trillion Evaporated Overnight Just Because of Him?”

It was from that moment on, after months of market downturns and foundation organization reforms, that ETH finally gained some momentum and potential for a rebound. For further reading, refer to “New Officials Bring New Fire, Ethereum Foundation's New Executive Director Reveals the Future Direction of EF”

At the same time, riding on the momentum of Circle's U.S. stock IPO, stablecoins and PayFi gradually entered the mainstream view of the crypto market, being seen by many as the only way for "mass adoption of crypto." _Recommended reading: _“The 10-Year Journey of Stablecoins: Finally Recognized as the Official 'Peer-to-Peer Electronic Cash' by the U.S.”_, _“The Golden Age of Stablecoins Begins: USDT to the Left, USDC to the Right”_

In late May, with a command from Joseph Lubin, co-founder of Ethereum and founder of Consensys and MetaMask, U.S. listed company Sharplink transformed from a sports marketing company into the first "ETH treasury listed company." From then on, the DAT craze began to sweep the entire cryptocurrency market, and ETH's price finally emerged from its downward spiral, successfully breaking through the previous historical high of $4,800 a few months later, soaring to nearly $5,000.

Subsequently, "Wall Street's oracle" Tom Lee also joined the "DAT treasury craze" with the U.S. listed company Bitmine, making ETH treasury listed companies another "scenic spot in the crypto world" following the BTC treasury listed companies led by Strategy.

A glimpse of ETH treasury company information

As of the time of writing, according to data from strategicethreserve website, the total number of ETH treasury companies has increased to nearly 70, among which:

• Bitmine (BMNR) ranks first with a holding of 3.86 million ETH;
• Sharplink (SBET) holds over 860,000 ETH, firmly in second place;
• ETH Machine (ETHM) ranks third with over 490,000 ETH.

It is worth mentioning that the ETH holdings of these three DAT companies significantly exceed the Ethereum Foundation's holdings (less than 230,000 ETH).

With ETH treasury companies leading the way, SOL DAT companies , BNB DAT companies, and a series of altcoin DAT companies also sprang up like mushrooms after rain, with their stock prices experiencing sudden rises and falls amidst the clamor of not wanting to be outdone.

Having passed through the initial frenzy of transformation and entering a period of calm in the crypto market, ETH DAT companies like Bitmine now face billions of dollars in unrealized losses, while DAT treasury companies, including many BTC reserve companies, have seen their market values and crypto assets even inverted, with dozens of DAT companies' mNAV (i.e., crypto assets/company market value) falling below the level of 1.

In the summer of crypto, DAT companies were jubilant, still not fully understanding what Zweig meant when he said, "All gifts in fate come with a hidden price," and that price is the stagnant stock price.

Of course, just as death often gives birth to new life, amidst the rapid advance of DAT like fire and oil, the wind of stock tokenization gradually blew into the crypto market, becoming an unstoppable trend, even the Nasdaq stock exchange could not ignore it and had to join this "capital feast" through self-revolution.

Crypto Autumn: Stock Tokenization, On-Chain Perp DEX, and the "Dual Kings" of Stablecoin Public Chains

After Circle (CRCL) made a strong debut on the U.S. stock market at the end of June, achieving a "10-fold surge in stock price," the enthusiasm for stablecoins and crypto concept stocks in both the crypto and traditional financial markets reached an unprecedented level.

Affected by related positive news, the Hong Kong stock market's stablecoin sector and brokerage sector both rose, with many internet giants, including JD.com and Ant Group, boldly announcing their imminent entry into the stablecoin arena, attracting countless eyes. _Recommended reading: _“The Altcoin Season in Hong Kong: Can Crypto Concept Stocks Support the Bull Market?”

Taking advantage of this momentum, the RWA sector finally welcomed a significant turning point—stock tokenization is timely.

In early July, exchanges Kraken and Bybit announced the launch of stock tokenization trading through the xStocks platform, supporting trading of dozens of tokenized U.S. stocks, including popular ones like AAPL, TSLA, and NVDA. From then on, the xStocks platform, which focuses on "on-chain U.S. stock tokenization trading," became the sole focus under the market spotlight, and MyStonks (now renamed MSX.com) also attracted a large number of users and investors.

If the launch of BTC spot ETFs in early 2024 and the subsequent ETH spot ETF in July of that year gave crypto traders the title of "noble U.S. stock traders," then the emergence of stock tokenization platforms this year truly bridged the "last mile of on-chain trading of U.S. stocks," allowing even someone like me, who is "bad at trading coins," to finally have the possibility of diversifying asset allocation through on-chain tokenization platforms.

Odaily Planet Daily previously provided a detailed introduction to the mechanisms behind xStocks and tokenized U.S. stock trading platforms in the article “10 Questions for xStocks: What Are We Really Trading When We Trade Tokenized U.S. Stocks?”. Looking back now, the fundamental principles and asset management models remain largely unchanged; the difference is that after many U.S. stock tokenization platforms, traditional giants have also begun their awakening journey.

Summary of 10 Questions for xStocks

Previously, the crypto asset management giant Galaxy actively issued stock tokenization; later, the U.S. stock exchange Nasdaq, with quarterly trading volumes reaching trillions, proactively submitted a "tokenized stock trading application" to the SEC, demonstrating that traditional giants have a keen sense of the vast track of asset issuance and trading.

At the same time, the native crypto market feast belongs to two major sectors:

First, the "On-Chain Perp DEX War" following Hyperliquid—Aster from the BNB Chain ecosystem contributed another wealth creation miracle to the crypto market with an extremely violent "pump," with many stating they "sold out millions of dollars";

Second, the two wealth creation spectacles in the stablecoin sector: one is the Plasma initiated "savings activity" supported by Tether's CEO, providing generous airdrops to many participants, with some even receiving airdrops of XPL tokens worth over $9,000 for a deposit of $1, yielding over 900 times; the other is the official launch of the Trump family's crypto project WLFI, which, leveraging the previous momentum of its stablecoin USD1, allowed people to achieve returns of over 6 times at public offering prices of $0.05 and $0.15.

Looking back at the prices of XPL and WLFI now is inevitably disheartening. According to Coingecko data, the XPL price is currently reported at $0.17, having dropped nearly 90% from its peak of $1.67; the WLFI price is currently reported at $0.15, having dropped nearly 50% from its peak of $0.33.

At a time when countless people lamented the infinite opportunities, little did they know that what awaited the crypto industry would be an "epic liquidation" far exceeding any previous crash in history.

Crypto Winter: After the October 11 Crash, TACO Trading Faces Validation Again, and the Prediction Market Welcomes Dual $10 Billion Valuation Giants

After BTC prices reached a new high of $126,000 in early October, people were hopeful that the crypto market could continue the previous year's "Uptober" trend, but the "epic liquidation" on October 11 shattered dreams and hopes.

This time, the trigger pointed back to Trump—on the evening of October 10, Trump announced a 100% tariff increase, causing the fear index to soar. The three major U.S. stock indices all experienced varying degrees of decline: the Nasdaq index fell nearly 3.5%, the S&P 500 dropped 2.7%, and the Dow Jones index fell 1.9%.

The crypto market faced exchange system issues, compounded by a fragile market psychology, with BTC hitting a low of $101,516, a 24-hour drop of 16%; ETH fell to a low of $3,400, a 24-hour drop of 22%; and SOL saw a 24-hour drop of 31.83%. In an instant, altcoins were in a bloodbath.

The losses from this epic liquidation far exceeded past major crashes such as 3·12, 5·19, and 9·4, with the real liquidation scale in the crypto market estimated to be at least $30 billion to $40 billion.

Of course, risks hide opportunities. As mentioned in various articles by Odaily Planet Daily, such as “In the Great Crash, Who Made Billions by 'Licking Blood Off the Blade'? What Wealth Opportunities Are Within Reach?” and “The Whale Stabbing Battle Behind the Largest Liquidation Day in Crypto History: The Bears Feast, Then Leave with Their Knives”, many people made a fortune amidst the chaos—whether through high-leverage shorting or bottom-fishing.

Risk also represents opportunity

As the "TACO" trading style (Trump Always Chicken Out) was once again validated, the crypto market finally began a slow self-repair. Unlike before, many traders had lost most of their assets during that "Black Friday," leaving them in a state of despair and retreat.

In such a dire market environment, prediction market platforms represented by Polymarket and Kalshi gradually became one of the few hotspots and trading stages in the crypto market. Their valuations soared within just a few months. After completing the latest round of $1 billion financing led by Paradigm, Kalshi's valuation skyrocketed to $11 billion; Polymarket, after securing $2 billion in funding led by the parent company of the New York Stock Exchange, ICE Group, is seeking a new round of financing with a valuation between $12 billion and $15 billion.

After going in circles, the crypto market returned to Polymarket, the prediction market platform that successfully predicted Trump's election in the "2024 U.S. Presidential Election" event. As the seasons changed, the mainstreaming and popularization of the cryptocurrency industry continued.

Where is the future headed? U.S. regulation and traditional finance still largely determine the direction of the tide and the duration of spring and winter. As crypto gold miners, we can only follow the waves and assess the situation to perhaps find our own treasure. Original / Odaily Planet Daily (@OdailyChina)

Author / Wenser (@wenser2010)

2025 is about to pass. Standing at the end of the "Year of Crypto Mainstreaming," it is time to summarize this year's four quarters with some keywords and glimpse how the world is being gradually infiltrated and transformed by cryptocurrency.

The crypto world in 2025 experienced many ups and downs: from Trump taking office as President of the United States in early January to the U.S. initiating a tariff trade war in April; from Strategy leading the DAT treasury company trend with a temporary profit of hundreds of billions to ETH, SOL treasury listed companies, and even altcoin treasury companies blooming and then falling silent; from stock tokenization platforms being seen as the "best combination of DeFi and TradFi" to the Nasdaq stock exchange undergoing self-revolution to join the stock tokenization craze; from the wealth creation boom sparked by on-chain Perp DEXs like Hyperliquid and Aster to the dual oligopoly of prediction markets Polymarket and Kalshi with valuations exceeding $10 billion; from the GENIUS stablecoin regulatory bill to the stablecoin boom that always mentions PayFi; from crypto IPOs to the normalization of crypto ETFs… In the process of countless funds, attention, and regulatory forces clashing, fighting, and reconciling, amidst numerous wealth creation projects, meme spoofs, and hacking incidents, in the fervor of FOMO, new highs, and frantic buying, and in extreme fear, massive crashes, and black swans, the rings of the crypto industry's mature tree have added another circle.

Behind the ever-awake money is the rise and fall of meme coin players, the financial struggles of yield farmers, the large-scale acquisition by Wall Street, and the U.S. regulators' hand in allowing it. This year is somewhat complex—it is neither a complete bull market nor a cold bear market; compared to the past, where the crypto market had clear hot and cold phases and sector rotations, the crypto industry in 2025, influenced by Trump and many authoritarian governments, resembles a jumping monkey; some have fallen from grace, while others have risen to prominence. As for the gains and losses, perhaps our upcoming “2025 Crypto Investment Memoir” will reveal more answers.

In this article, Odaily Planet Daily will use four quarterly keywords to review crypto in 2025.

Crypto Spring: The Trump Effect Continues, TRUMP Creates Wealth, and Crypto Regulatory Framework Clarifies

In January, Trump officially took office as President of the United States.

Continuing the hot momentum from last year's election victory, the crypto market, after a brief consolidation, saw BTC prices once again approach the $100,000 mark.

Just three days before Trump's inauguration, the token TRUMP, dubbed the "official Trump meme coin," brought the first wave of wealth creation to many crypto participants this year.

I still clearly remember that morning when a colleague first shared the TRUMP token contract, its total market cap (FDV) was only around $4 billion. Amidst questions like "Did Trump get hacked?" "Can a U.S. president issue a coin?" and "Is Trump trying to make a last-minute profit before becoming president?" the total market cap of TRUMP surged, quickly breaking through $10 billion and $30 billion, ultimately reaching over $80 billion.

In this astonishing wealth creation frenzy, many meme players in the Chinese community made a fortune, with some individuals earning profits of up to several million dollars, even exceeding $20 million. _For a list of TRUMP wealth creation traders, see the recommended reading: _“Who Made Over a Million Dollars from TRUMP? The Winning KOLs and the Disappointed ETH Maxis”_.

This was the second resurgence of the crypto market due to Trump's personal influence after he was elected President of the United States in November 2024.

Soon, the crypto market also offered its own "gift" to Trump's presidency—on January 20, a month later, BTC once again broke its historical high, with prices rising to $109,800.

At that time, everyone regarded Trump as the undisputed "first crypto president." Perhaps many did not realize that "water can carry a boat, but it can also capsize it." What Trump brought to the crypto market was not only favorable macro policies and regulatory environments but also a series of controversies, harvesting, and fluctuations brought by his family's crypto projects.

On the other hand, the key point of the "Trump Effect" lies in whether he can directly improve the U.S. crypto regulatory environment after taking office—

First, whether he can bring clearer boundaries and more friendly rules through legislation and executive orders for crypto regulation. Trump gradually fulfilled some of his promises, including replacing the SEC chairman with Paul Atkins, appointing David Sacks as the White House AI and cryptocurrency director, and promoting the passage of the GINUS stablecoin regulatory bill.

Second, there is the "BTC National Strategic Reserve" that the crypto market and many crypto-friendly politicians are concerned about. In early March, Trump signed a presidential executive order to promote the establishment of a U.S. Bitcoin strategic reserve using previously confiscated BTC assets. He emphasized: "It will not increase the burden on taxpayers." _For more details, see the recommended reading: _“Trump Promises to Establish BTC Strategic Reserve, But Is Funding Solely Based on Confiscation?”_.

Despite this, the Polymarket event regarding "Will Trump Establish a National Bitcoin Reserve in His First 100 Days?" was ultimately determined to be "No" (Odaily Planet Daily note: The reason is that the rules of this betting event state that confiscated assets by the U.S. government do not count as BTC reserves), which left many people frustrated, with some even shouting "scam site" in the comments section of the event.

Polymarket betting event rules information

At that time, "insider whales" were already emerging, with the "50x leverage insider" on Hyperliquid making millions of dollars from news about "Trump establishing a cryptocurrency reserve." _For event details, see the article: _“Reviewing the Hyperliquid Contract 'Insider' Operations, Precise Long and Short Openings and Closures”_.

During this period, many events that drew criticism towards Trump also occurred, including the TRUMP-related “Melania Token Incident” and the LIBRA incident involving Argentine President Milei, both considered "dark masterpieces" of Trump's coin issuance group. In addition, the first quarter of the crypto market also witnessed a series of "historic events," including:

• Hyperliquid's “Biggest Airdrop of the Year” has made many on-chain players envious;
• Bybit was suddenly attacked by the North Korean hacker group Lazarus Group, losing $1.5 billion in assets;
• The criticized Ethereum Foundation underwent a major update, with former Executive Director Aya promoted to Chair.

At that time, the industry did not anticipate that Trump's involvement would soon showcase a U.S. version of "success and failure both stem from the same source."

Crypto Summer: DAT Treasury Companies, ETH Breaks New Highs, Stablecoins Take Center Stage

As the second quarter began, the crypto market was hit hard—at the beginning of April, Trump initiated a global "tariff trade war," causing a sudden panic in the global economic situation, severely impacting both the U.S. stock market and the crypto market.

On April 7, during “Black Monday”, the U.S. stock market saw over $6 trillion evaporate in nearly a week, including more than $1.5 trillion lost by the "Big Seven" tech companies like Apple and Google. After nearly a month of turbulent trading, the crypto market finally experienced a significant drop—BTC briefly fell below the $80,000 mark, hitting a low of $77,000; ETH dropped to a low of $1,540, marking a new low since October 2023; the total crypto market cap fell to $2.6 trillion, with a single-day decline exceeding 9%. _Recommended reading: _“Unpacking the 'culprit' behind the tariff war, did over $6 trillion evaporate overnight because of him?”

It was from that moment, after months of market downturns and organizational reforms, that ETH finally began to gain some momentum for a rebound. _Recommended reading: _“New Leadership, New Directions: What’s Next for the Ethereum Foundation?”

Meanwhile, riding the wave of Circle's U.S. IPO, stablecoins and PayFi gradually entered the mainstream view of the crypto market, seen by many as the key to "mass adoption of crypto." _Recommended reading: _“The 10-Year Journey of Stablecoins: Finally Recognized as 'Peer-to-Peer Electronic Cash' by the U.S. Government”, “The Golden Age of Stablecoins Begins: USDT to the Left, USDC to the Right”_

In late May, with a command from Joseph Lubin, co-founder of Ethereum and founder of Consensys and MetaMask, Sharplink, a U.S. listed company, transformed from a sports marketing company to the first "ETH Treasury Listed Company." From then on, the DAT craze began to sweep the entire cryptocurrency market, and ETH's price finally emerged from its downward spiral, successfully breaking its previous historical high of $4,800 a few months later, soaring to nearly $5,000.

Subsequently, "Wall Street's oracle" Tom Lee also joined the "DAT Treasury craze" with his U.S. listed company Bitmine, making ETH treasury listed companies another "scenic spot in the crypto world" following the BTC treasury companies led by Strategy.

A Glimpse of ETH Treasury Companies

As of the time of writing, according to data from strategicethreserve website, the total number of ETH treasury companies has increased to nearly 70, including:

• Bitmine (BMNR) leading with a holding of 3.86 million ETH;
• Sharplink (SBET) firmly in second place with over 860,000 ETH;
• ETH Machine (ETHM) ranking third with over 490,000 ETH.

It is worth mentioning that the ETH holdings of these three DAT companies significantly exceed the Ethereum Foundation's holdings (less than 230,000 ETH).

With ETH treasury companies leading the way, SOL DAT companies , BNB DAT companies, and a series of altcoin DAT companies also emerged like mushrooms after rain, with their stock prices experiencing dramatic fluctuations amidst the noise of competition.

Having passed through the initial frenzy of transformation and entering a period of calm in the crypto market, ETH DAT companies like Bitmine now face billions of dollars in unrealized losses, while DAT treasury companies, including many BTC reserve companies, have seen their market values diverge from their crypto assets, with dozens of DAT companies' mNAV (i.e., crypto assets/company market value) falling below 1.

While the DAT companies of the crypto summer were celebrating, they did not fully grasp what Zweig meant when he said, "All gifts in fate are secretly priced," and that price was the plummeting stock prices.

Of course, just as death often gives birth to new life, amidst the rapid advance of DAT like fire and oil, the wind of stock tokenization gradually reached the crypto market, becoming an unstoppable trend, even the Nasdaq stock exchange could not ignore it and had to join this "capital feast" through self-revolution.

Crypto Autumn: Stock Tokenization, On-Chain Perp DEX, and Stablecoin Public Chains in "Dual Kings Battle"

After Circle (CRCL) made a strong debut on the U.S. stock market and achieved a milestone of "10x stock price surge" at the end of June, the enthusiasm for stablecoins and crypto concept stocks in both the crypto and traditional financial markets reached unprecedented heights.

Influenced by related positive news, the Hong Kong stock market's stablecoin sector and brokerage sector surged, with many internet giants, including JD.com and Ant Group, boldly announcing their entry into the stablecoin arena, attracting widespread attention. _Recommended reading: _“The Altcoin Season in Hong Kong: Can Crypto Concept Stocks Support the Bull Market?”

Riding this wave, the RWA sector finally welcomed a significant turning point—stock tokenization was timely.

In early July, exchanges Kraken and Bybit announced the launch of stock tokenization trading via the xStocks platform, supporting trading of dozens of tokenized U.S. stocks, including popular ones like AAPL, TSLA, and NVDA. From then on, the xStocks platform, which focuses on "on-chain U.S. stock tokenization trading," became the sole focus under the market spotlight, while MyStonks (now renamed MSX.com) also attracted a large number of users and investors.

If the launch of BTC spot ETFs in early 2024 and the subsequent launch of ETH spot ETFs in July of that year gave crypto traders the title of "prestigious U.S. stock traders," then the emergence of stock tokenization platforms this year truly bridged the "last mile of on-chain trading of U.S. stocks," allowing even someone like me, who is "bad at trading coins," to finally have the possibility of diversifying asset allocation through on-chain tokenization platforms.

Odaily Planet Daily previously detailed the mechanisms behind xStocks and tokenized U.S. stock trading platforms in “10 Questions for xStocks: What Are We Really Trading When We Trade Tokenized U.S. Stocks?”. Looking back now, the fundamental principles and asset management models remain largely unchanged; the difference is that after many U.S. stock tokenization platforms emerged, traditional giants also began their awakening journey.

Summary of 10 Questions for xStocks

Previously, crypto asset management giant Galaxy actively issued stock tokenization; later, the U.S. stock exchange Nasdaq, with quarterly trading volumes reaching trillions, proactively submitted a “Tokenized Stock Trading Application” to the SEC, demonstrating that traditional giants have a keen sense for the vast field of asset issuance and trading.

At the same time, the feast of the crypto-native market belongs to two major sectors:

First, the " On-Chain Perp DEX Battle" following Hyperliquid—Aster from the BNB Chain ecosystem contributed another wealth creation miracle to the crypto market with an extremely violent "pump," with many stating they "sold out for millions of dollars";

The second is the two major wealth creation spectacles in the stablecoin sector: one is the “wealth management savings activity” initiated by Plasma, which boasts the title of "stablecoin public chain supported by Tether's CEO," providing generous airdrops to many participants. Some even received airdrops of XPL tokens worth over $9,000 for a deposit of just $1, yielding a return of over 900 times; the other is the official launch of the Trump family's crypto project WLFI, which leveraged the previous momentum of its stablecoin USD1, allowing people to earn returns of over 6 times at public offering prices of $0.05 and $0.15.

Looking back at the prices of XPL and WLFI now is inevitably disheartening. According to Coingecko data, the XPL price is currently reported at $0.17, having dropped nearly 90% from its peak of $1.67; the WLFI price is currently reported at $0.15, down nearly 50% from its peak of $0.33.

At a time when countless people lamented the limitless opportunities, little did they know that the crypto industry was awaiting an "epic liquidation" far surpassing any historical crash.

Crypto Winter: After the October 11 Crash, TACO Trading Faces Validation, Predictive Markets Welcome Billion-Dollar Giants

After BTC reached a new high of $126,000 in early October, people were hopeful that the crypto market could continue the "Uptober" trend of previous years. However, the "epic liquidation" on October 11 shattered those dreams and hopes.

The trigger this time pointed back to Trump—on the evening of October 10, Trump announced a 100% tariff increase, causing the fear index to soar. The three major U.S. stock indices all experienced varying degrees of decline: the Nasdaq index fell nearly 3.5%, the S&P 500 dropped 2.7%, and the Dow Jones index decreased by 1.9%.

The crypto market faced exchange system issues, compounded by a fragile market psychology akin to a startled bird. BTC hit a low of $101,516, with a 24-hour drop of 16%; ETH fell to a low of $3,400, with a 24-hour drop of 22%; SOL experienced a 24-hour drop of 31.83%. In an instant, altcoins were in a bloodbath.

The losses from this epic liquidation far exceeded past major crashes such as 3·12, 5·19, and 9·4, with the real scale of liquidations in the crypto market estimated to be at least $30 billion to $40 billion.

Of course, risk hides opportunity. As mentioned in various articles by Odaily Planet Daily, such as “In the Great Crash, Who Made Billions by 'Licking Blood from the Blade'? What Wealth Opportunities Are Within Reach?” and “The Whale Stabbing Battle Behind the Largest Liquidation Day in Crypto History: The Bears Feast, Then Leave with Their Knives”, there were various "wealth opportunities"—whether through high-leverage shorting or bottom-fishing, many made a fortune amidst the chaos.

Risk also represents opportunity

As the "TACO" trading style (Trump Always Chicken Out) was validated once again, the crypto market began a slow self-repair. Unlike before, many traders had lost most of their assets during that "Black Friday," leaving them unable to recover and retreating in silence.

In such a dire market environment, predictive market platforms represented by Polymarket and Kalshi gradually became one of the few hotspots and trading stages in the crypto market. Their valuations soared within just a few months. After completing a recent $1 billion Series E funding round led by Paradigm, Kalshi's valuation skyrocketed to $11 billion; Polymarket, after securing $2 billion in funding led by the parent company of the New York Stock Exchange, ICE Group, is seeking a new funding round with a valuation between $12 billion and $15 billion.

After going in circles, the crypto market returned to Polymarket, the predictive market platform that successfully predicted Trump's election in the "2024 U.S. Presidential Election" event. As the seasons change, the mainstreaming and popularization of the cryptocurrency industry continue.

Where is the future headed? U.S. regulation and traditional finance still largely determine the direction of the tide and the duration of spring and winter. As crypto prospectors, we can only follow the waves and assess the situation to perhaps find our own treasure of wealth.

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