PANews reported on January 15th that Binance Research's 2025 annual report shows that the cryptocurrency market capitalization will surpass $4 trillion for the first time in 2025, although it will still close down by approximately 7.9% for the year despite significant volatility. Bitcoin hit a new high but fell back at the end of the year, underperforming gold and US stocks; institutional holdings increased significantly, with ETFs seeing net inflows of over $21 billion. The market capitalization of stablecoins increased to over $305 billion, DeFi is trending towards institutionalization and achieving record returns, and Real-World Asset On-Chain (RWA) TVL ($17 billion) surpassed DEXs. Looking ahead to 2026, three policy drivers (loose monetary policy, fiscal stimulus, and regulatory easing) may restart market risk appetite, driving a new round of growth dominated by institutional funds.