《Arkstream Capital: 2025 When Crypto Assets Return to Financial Logic》 (Author: Arkstream) By 2025, the main narrative of the crypto market will no longer revolve around the technical cycles of a single public chain or the self-reinforcing on-chain stories. Instead, it will enter a more advanced stage dominated by 'external variable pricing and competition for financial entry points.' ETFs primarily address the question of 'whether to allocate and how to include them in portfolios,' while IPOs further tackle 'what to allocate, how to benchmark, and how to exit.' The traditional 'crypto four-year cycle' logic hasn’t disappeared, but its explanatory power has been significantly diluted. Channels like ETFs, stablecoins, and corporate treasuries are bringing larger volumes of capital into an observable and rebalancing asset allocation system. Read the full article: http://(wublock123.com)/index.php?m=content&c=index&a=show&catid=47&id=54873