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ATHs,
Panic, Repeat:
How 2025 Broke Crypto’s Emotional Scale
|
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2025 gave crypto everything at once. Markets hit fresh all-time highs,
total capitalization jumped past $4T, and Bitcoin rewrote price
history.
Then blink, and sentiment flipped. Fear indexes crashed into “extreme,”
volatility spiked, and confidence evaporated faster than yield on a
shady farm.
|
|
Bitcoin surged above $120K earlier in the year, Ethereum reclaimed key
levels, and institutions kept buying. But the party came with a
hangover: sharp corrections,
liquidations, and a reminder that crypto still loves drama.
|
|
|
|
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|
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The year delivered explosive winners and brutal disappointments. AI tokens, infrastructure plays, and exchange tokens dominated gains as capital rotated into “useful” crypto. Meme hype cooled, and low-liquidity tokens paid the price.
|
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Zcash
ZEC
|
$402
▾ -18.07%
|
|
|
|
|
|
Onyxcoin
XCN
|
$0.0010
|
|
|
|
|
|
Proton
XPR
|
$0.0039
▴ 18.37%
|
|
|
|
|
|
|
|
In 2025, crypto was shaped by institutional money, security shocks,
and emotional whiplash. Here’s what moved the needle.
|
|
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|
Institutions
Push Crypto to New ATHs
|
|
Spot ETFs, traditional funds, and corporate treasuries poured
billions into crypto. Bitcoin became “acceptable,” Ethereum
became “productive,”
and the market started acting less like a casino, and more like a very
stressed stock exchange.
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The results are:
- New price records
- Deeper liquidity
- Faster reactions to macro news
|
|
|
|
Extreme
Fear Returns (Again)
|
|
Despite the growth, sentiment cracked. Macroeconomic uncertainty, rate
expectations, and regulatory headlines triggered sharp sell-offs.
The Fear & Greed Index hit levels last seen during major historical
crashes.
Retail panicked, whales waited. Institutions bought the dip (politely).
|
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The
Biggest Hack in Crypto History
|
|
February delivered a brutal milestone: Bybit suffered a ~$1.5B
hack, officially the largest exploit crypto has ever seen.
|
|
Hundreds of thousands of ETH left the exchange, emergency liquidity
measures kicked in,
and on-chain analysts went into full detective mode. While Bybit avoided
collapse,
the incident sent shockwaves across the entire market.
|
|
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|
|
Following the Bybit hack and market sell-offs, volatility cooled.
Traders shifted from aggressive derivatives back to spot trading.
Exchanges tightened controls. Risk management suddenly became trendy.
|
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Analysts now expect slower but healthier growth, stronger
infrastructure,
and a market that asks harder questions before chasing the next shiny
narrative.
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Have you enjoyed this letter?
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© Changelly 2015—2026
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