Review of 2025: Multiple Key Events Reshaping the Structure and Risk Perception of the Cryptocurrency Industry BlockBeats News: On December 26th, Cointelegraph published an article reviewing the events that will reshape the cryptocurrency industry in 2025. The cryptocurrency industry has not been dominated by a single narrative, but has been reshaped through a series of events such as hacker attacks, macro shocks, regulatory legislation, and the integration of the financial system. In February, Bybit was robbed of $1.4 billion At the beginning of the year, Bybit experienced one of the largest exchange theft incidents in history, and the United States attributed the attack to North Korean related hackers. The event has refocused the market on custody, signature processes, exchange and counterparty risks, highlighting that 'operational risk' has become one of the core systemic risks. April | Tariff conflict triggers resonance of risk assets Global tariff tensions have escalated, and Bitcoin fell to a low point within the year. Cryptocurrency assets have shown high beta macro asset characteristics under pressure, and prices are highly sensitive to non crypto news. July | The GENIUS Act in the United States is implemented Trump signed the GENIUS Act, officially incorporating "payment based stablecoins" into the federal regulatory framework, clarifying issuance, reserve, and audit requirements, and for the first time obtaining a clear legal positioning for stablecoins in the United States. Late Summer to Autumn | Stablecoins Moving towards Financial Infrastructure Circle announces IPO pricing, Swedish fintech company Klarna launches US dollar stablecoin Klarna USD. Stablecoins have shifted from trading tools to payment and settlement infrastructure, entering the core of policy and institutional vision. September | SEC opens' fast lane 'for spot encrypted ETP The United States has approved the universal listing standards for commodity trust shares, allowing encrypted ETPs to be listed under unified rules, marking a crucial step towards the commodification and standardization of encrypted assets in the capital market. October | After reaching a historic high, a wave of liquidation erupted Bitcoin once broke through $125000 and then plummeted, triggering the liquidation of over $19 billion in leveraged positions and exposing the systemic reflexivity risk under the resonance of ETP funds and high leverage. December | Integration accelerates, regulation tightens synchronously Circle and Ripple have been approved to establish or transform into National Trust Banks in the United States; UK launches comprehensive cryptocurrency regulatory consultation; HashKey Hong Kong is listed on the Hong Kong Stock Exchange. At the same time, Terra founder Do Kwon was sentenced to 15 years in prison for fraud, bringing an end to the important case of the previous cycle. In summary, four long-term trends have been established in 2025: operational and custody risks have become core variables that cannot be ignored; Cryptocurrency assets are fully included in the macro risk cycle; Upgrading stablecoins to financial infrastructure; Market access expansion is faster than risk constraints, and volatility has not disappeared, but has been amplified.