2025: From 'Speculation' to 'Infrastructure' in Cryptocurrency: Decoding the Intersection of Regulation, Institutions, and Technology

2025 will be remembered as the year of a paradigm shift, as digital assets transition from mere objects of speculation to the foundation of financial infrastructure. This change is being accelerated by the convergence of three trends: regulatory clarity, full-scale entry of institutional investors, and technological maturity. In this report, we establish this 'Great Convergence'—the phenomenon where the boundaries between traditional finance (TradFi) and crypto-native systems become blurred—as our core theme. To accurately understand the performance of individual companies, it is essential to first grasp the dynamics of the entire market in which they operate.

The characteristic of the news covered in this report lies in this trend of convergence that links the entire market with individual companies. Corporate strategies are no longer independent; they are formed as responses to structural changes in the market as a whole. To decode this context, this report uses the following five perspectives as the pillars of our analysis: 'Price' as an indicator of market sentiment, 'Institutions' as a catalyst for growth, 'Liquidity' as the fuel driving the market, 'Technological Change' as a driver of efficiency, and 'Corporate Response' as an indicator of adaptation to market changes. Through these multifaceted perspectives, we will analyze in detail the transformation of the cryptocurrency market in 2025 and how each company is charting its own course within it.