[DWF Labs: Crypto Market to Transform into a Balance Sheet-Driven Structure by 2025] DWF Labs stated that after the crypto market undergoes over $19 billion in liquidation events by 2025, excessive leverage will be eliminated, and the market structure will shift from speculation-driven to balance sheet-driven. The supply of stablecoins has grown by more than 50% year-on-year, with over $20 billion allocated to yield-bearing stablecoins, indicating that the crypto industry is moving toward asset management. The scale of on-chain real-world assets has expanded from approximately $4 billion to $18 billion, while the share of derivatives trading on DEXs and CEXs has increased fourfold. The crypto market is accelerating its transformation into a trusted financial infrastructure.