In 2025, crypto’s most significant gains were structural rather than price-driven, according to Pantera Capital. Regulatory clarity, institutional adoption, and infrastructure improvements quietly reduced systemic risks and reshaped the industry’s long-term trajectory. Key developments included pro-crypto policy shifts in the U.S., the passage of stablecoin legislation, and the rise of onshore crypto hubs. Institutional validation accelerated adoption, with Coinbase joining the S&P 500, Vanguard allowing crypto ETFs, and multiple blockchain companies going public. Onchain metrics also grew, including a 235% increase in real-world assets and $100 billion added to stablecoin supply. Looking ahead, Pantera emphasizes sustainable growth, continued expansion of Bitcoin-Fi, and the evolving potential of tokenization, real-world assets, and fintech platforms, while remaining cautious on NFTs and restaking. Overall, 2025 laid the foundation for long-term, durable growth in crypto, setting the stage for a potential breakout in 2026.