#比特币2026年行情展望 The 2025 crypto market presents an interesting paradox: prices are falling, but the ecosystem is exploding.

According to industry data, last year the total market capitalization of crypto assets declined by 10.4% to $3.0 trillion, marking the first annual negative growth since 2022. Q4 saw a sharp drop of 23.7%, with a single quarter evaporating $946 billion, after reaching a high of $4.4 trillion before collapsing due to the major liquidation event in October. At first glance, it looks pretty grim, but looking deeper, it's a completely different story.

Stablecoins surged against the trend, growing 48.9% throughout the year, reaching a record high of $311 billion, with PYUSD also entering the top five stablecoins. What does this indicate? Traders are bottom-fishing, and actual usage demand has never dried up.

The derivatives market is even more exaggerated—CEX perpetual contract trading volume soared 47.4% to a record high of $86.2 trillion, while DEX perpetuals skyrocketed 346% to $6.7 trillion, accounting for 7.8% of CEX volume. Prediction market trading volume is also off the charts, with a 302.7% increase and a volume of $63.5 billion. Institutional deployment hasn't stopped either; DeFi agents hold over 5% of BTC and ETH supply, with deployed funds exceeding $49.7 billion.

Gold has surged 62.6% this year, while $BTC only fell 6.4%, with mainstream coins like $ETH and $SOL following the decline. But when it comes to infrastructure, trading depth, and use cases—these are all hitting new historical highs. Price bear markets, infrastructure bull markets—that's the true resilience of the industry.