Binance’s annual review for 2025 highlighted a significant divergence between industry fundamentals and market valuation, concluding that while infrastructure and regulatory policy matured significantly, asset prices failed to capitalize. The report noted that the foundational ‘plumbing’ of the crypto ecosystem—including Layer-2 scaling solutions, cross-chain interoperability, and institutional-grade custody—reached unprecedented levels of efficiency and reliability. These technical leaps substantially lowered transaction costs and improved user experience, solving critical bottlenecks identified in previous years. Concurrently, the global regulatory landscape experienced a decisive shift. 2025 saw major jurisdictions implement comprehensive licensing and disclosure frameworks, particularly concerning stablecoins and decentralized finance (DeFi), reducing systemic uncertainty and encouraging greater institutional participation. This robust policy environment established clear rules of engagement for traditional finance (TradFi). Despite these undeniable long-term improvements in technology and governance, Binance reported that market prices ‘did not cooperate.’ Persistent macroeconomic headwinds, characterized by elevated interest rates and global liquidity tightening, suppressed overall risk appetite throughout the year. This environment prevented the structural bullishness stemming from fundamental progress from translating into immediate asset appreciation, resulting in a year defined by consolidation rather than expansion.
Source: Crypto plumbing, policy improved in 2025, but prices ‘did not cooperate’: Binance
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