Key conclusions

• Bitcoin’s rise above $100,000 in 2025 marked a transition from speculative trading to long-term institutional adoption. Banks and governments have begun to view BTC as a strategic reserve asset.

• The GENIUS Act established a unified U.S. framework for stablecoins, requiring a 1:1 reserve requirement, more stringent issuer qualifications, and stronger consumer protections.

• Real-world asset tokenization has surpassed $30 billion on the network, fueled by tokenized U.S. Treasuries and private credit. Companies like BlackRock, JPMorgan, and Apollo have integrated RWA into DeFi markets.

• Onchain perpetual futures have seen over $1 trillion in monthly trading volume, and platforms like Hyperliquid have achieved speed and depth comparable to centralized exchanges.

Bitcoin (BTC) crossing the $100,000 threshold this year had more symbolic meaning than speculative emotions. What were once seen as speculative assets have become an organized part of the global financial system. 2025 has proven to be a year less about hype and more about significant progress in infrastructure, regulation, institutional investment and technology.

This article discusses the most significant cryptocurrency events of this year.

Bitcoin is entering the institutional phase

Spot Bitcoin exchange-traded funds (ETFs) have introduced Bitcoin into the portfolios of asset managers, pension funds and corporate treasuries, pushing it beyond retail markets. The daily inflow of ETFs has become a key indicator of market confidence. Unlike previous cycles driven by highly leveraged trading, 2025 has seen continued interest from professional investors.

Banks have started transacting Bitcoin on their own balance sheets. Intesa Sanpaolo, Italy’s largest bank, made its first own Bitcoin transaction in January 2025, buying €1 million worth of BTC as part of an experiment. Several countries are also exploring the concept of strategic Bitcoin reserves, referring to the asset’s long-term national holdings.

On March 6, 2025, US President Donald Trump signed an executive order establishing the Strategic Bitcoin Reserve, a strenuous asset fund backed by lost BTC. The Czech National Bank also announced that it is considering adding Bitcoin to its strategic reserves.

Did you know? Bitcoin mining companies work with energy producers to stabilize electric grids and monetize surplus energy.

Adoption of the GENIUS Act

In 2025, stablecoins transitioned from trading instruments to regulated payment and settlement assets. The GENIUS Act, signed into law on July 18, 2025, established the first comprehensive U.S. federal framework for payment stablecoins.

The law clarifies that eligible payment stablecoins are not securities, creates a unified federal licensing and oversight system for issuers, and requires a full 1:1 reserve of high-quality, highly liquid assets such as cash and short-term U.S. Treasuries. It also mandates regular public disclosure of the composition of reserves to ensure transparency and consumer protection.

Only approved and qualified entities, such as subsidiaries of insured depository institutions, can now issue stablecoins. These issuers must meet stringent capital, liquidity and risk management standards. The Act also contains provisions aimed at protecting stablecoin holders in the event of the issuer’s insolvency.

While the GENIUS Act drew inspiration from earlier proposals, it strengthened financial stability guarantees. It addressed concerns about the fragmentation of the monetary system by establishing a clearer and more coordinated regulatory framework for digital dollar payments.

The development of asset tokenization in the real world

In 2025, real-world asset (RWA) tokenization moved from experimental pilot projects to the institutional mainstream, with onchain value exceeding $30 billion, a 300-400% boost in three years. US treasuries and private credit drive institutional adoption.

Launched in March 2024, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) brings US Treasuries online through tokenization. BUIDL currently has over $2 billion in total value locked (TVL) across multiple blockchains and distributes daily interest, backed by 1:1 real assets.

The benefits of RWA tokenization include fractional ownership, 24/7 liquidity, and cross-chain interoperability via protocols such as Chainlink CCIP. Institutions like JPMorgan and Apollo are integrating RWA into decentralized finance (DeFi), further blurring the lines between time-honored finance and blockchain.

Did you know? Tokenized US Treasuries have become one of the fastest-growing categories in DeFi, offering low-risk onchain yields.

Onchain perpetual futures and Hyperliquid milestone

In October 2025, monthly DeFi perpetual futures trading volume exceeded $1 trillion, putting platforms like Hyperliquid on par with centralized cryptocurrency exchanges. Daily trading volume for decentralized perpetual contracts averaged around $45.7 billion this month, while onchain open trades rose to $16 billion. This boost reflects sustainable market position rather than short-term speculative activity.

Hyperliquid’s HIP-3 update in October enabled permissionless market creation by staking 500,000 HYPE tokens. The update decentralized listings and encouraged innovation in modern asset classes such as equities and risk-weighted assets. Sub-second trade execution and high liquidity have further reduced the gap between centralized and decentralized exchanges.

Ethereum strengthens its core role

This year, Ethereum strengthened its foundational role in the blockchain ecosystem through strategic improvements and growing institutional adoption. The Pectra update, activated in May, doubled blob capacity, reduced Layer 2 fees, and improved transaction throughput. The validator stake limit has also been raised from 32 ETH to 2,048 ETH, increasing validator performance.

In July 2025, spot Ether ETFs attracted $12.1 billion in inflows, led by BlackRock’s iShares Ethereum Trust (ETHA), highlighting forceful institutional demand. Regulatory clarity from U.S. Securities and Exchange Commission rulings has made Ethereum a DeFi and RWA-compliant infrastructure, strengthening its role as a resilient Web3 settlement layer. Fusaka’s upcoming update in December is expected to provide further optimizations to PeerDAS, strengthening Ethereum’s long-term position.

Did you know? Corporations are increasingly using private or hybrid Ethereum chains to track supply chain and settlement workflows.

Solana Transformation

Solana’s narrative has taken an overwhelmingly positive turn in 2025. The network, criticized for network failures and instability, has made huge strides in reliability and performance. The introduction of Firedancer, a modern validator client, increased redundancy and processing efficiency, reflects Solana’s focus on reliable operations at scale.

In 2025, Solana also expanded to institutional and derivatives markets. Leading regulated platforms have introduced Solana-based futures and options, enabling hedging and arbitrage opportunities that were previously restricted to Bitcoin and Ether (ETH). This development has reinforced Solana’s growing importance in mass applications such as onchain commerce, gaming and consumer services.

The industry is addressing security challenges

In 2025, the industry faced another reminder that security remains a significant challenge. With over $2.17 billion stolen from cryptocurrency services as of November 11, 2025, this year has proven to be more devastating than all of 2024 in terms of total losses. Much of the stolen funds came from the $1.5 billion North Korean hack of Bybit.

As cryptocurrency becomes more integrated into global finance, security failures now constitute a systemic risk rather than isolated incidents. The increasing sophistication of attackers reflects technological advances in the industry. In 2025, AI-based attacks and complicated supply chain vulnerabilities led to broad industry-wide efforts to strengthen cybersecurity practices.