As 2025 comes to a close, the cryptocurrency market finds itself in a markedly different position than it occupied just a few years ago. Once dismissed as a speculative fringe experiment, crypto has spent much of this year moving into the regulatory, institutional, and geopolitical mainstream. Volatility remained a defining feature — particularly for Bitcoin — but beneath the price swings, structural change accelerated. Governments legislated, courts ruled, ETFs expanded, and institutional capit