RootData 2025 Web3 Industry Annual Report
The cryptocurrency industry is transitioning from extreme volatility to institutionalization: Bitcoin's market value fell by 8%, underperforming gold and tech stocks, with capital highly concentrated in compliant tracks like CeFi. The structural differentiation in the primary market is intensifying, and the wave of mergers and IPOs indicates that the integration of big fish eating small fish will accelerate by 2026.