2025 Crypto Market Liquidity Report – From Quantitative Easing to Structural Differentiation Under Institutional Compliance

The year 2025 marks a paradigm shift in the crypto market from "macro-sentiment driven" to "microstructure and compliance driven." Despite the global entry into a rate-cutting cycle, the market did not experience a broad-based rally. Instead, it demonstrated profound structural differentiation.

• Macro Logic Reconstruction: Crypto Assets Exhibit Higher Correlation with Risky Assets. The linear logic of "Rate Cuts = Bull Market" failed in 2025. Amidst macro uncertainty, crypto assets demonstrated a high correlation (High Beta) with US tech stocks rather than independent safe-haven attributes. Traditional institutional willingness to hold assets increased, with institutions like ETFs replacing retail investors as the market's marginal pricing anchor, significantly enhancing the transmission efficiency of macro volatility to the crypto market.
• New On-Chain Reservoir: RWA Breakout in a Zero-Sum Game. In an environment where total network TVL saw only a marginal increase of +4.40%, representing a stock-flow game (competition for existing liquidity), the RWA/Stablecoin sector achieved explosive growth of +133%, ranking second with a net inflow of $9.42B. Stablecoins are accelerating their spillover from being purely "transaction settlement tools" to infrastructure for "Treasury Yield" and "Commercial Payments (PayFi)," becoming the new ballast for liquidity.
• Primary Market Valuation Remoring: Pricing Power Ceded to Secondary Market. Financing rhythm showed significant hysteresis, with a V-shaped reversal in financing amounts appearing only after macro certainty was established (Rootdata shows October financing at $3.6B, compared to Q2 at $2.25B and Q3 at $3.12B). In the first half of the year, up to 27.59% of projects experienced "valuation inversion," forcing the market to undergo mandatory correction via new token mechanisms on top exchanges (such as Alpha Mode) in the second half. Pricing power has thoroughly shifted from VC narratives to secondary market liquidity.
• Microstructure Stratification: Derivatives Dominance and the Matthew Effect. The secondary market presents a characteristic of "Robust Indices, Bleeding Long-Tail." The market share of BTC and stablecoins continues to expand, while altcoin liquidity faces exhaustion amidst compliance screening. The proportion of contract (futures/perps) trading has increased significantly. On-chain derivatives represented by Hyperliquid are reshaping the trading landscape, but also exposing liquidity fragility under high leverage (e.g., the 10.11 Flash Crash).
• 2026 Outlook: Moving Towards a "Structure-Driven" New Cycle. The key market variable will shift from the "magnitude of rate cuts" to the "transmission efficiency of compliant capital." With the implementation of frameworks like the GENIUS Act, the market will enter a "Structure-Driven" era dominated by institutional pricing power. Assets that can provide Real Yield and financial infrastructure value within compliant frameworks will be the core targets to cross the cycle.

Discover more details today → 2025 Crypto Market Liquidity Report – From Quantitative Easing to Structural Differentiation Under Institutional Compliance

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28 Ocak 2026

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