The 2025 cryptocurrency market review highlights a structural shift from speculative narratives to fundamentals driven by institutions and applications. The total market capitalization briefly approached $4 trillion in the third quarter, then stabilized around $3 trillion by the end of the year, with Bitcoin reaching a high of approximately $126,000. Key drivers include nearly $26 billion in net inflows into Bitcoin ETFs and nearly 90% of network fees concentrated at the application layer, as seen in platforms like Hyperliquid and Pump. Although clearer regulations attracted larger participants, the market experienced significant adjustments, including an 35% decline in Bitcoin in November, highlighting the ongoing impact of leverage and liquidations.