On-Chain Data

_This article is jointly published by K1 Research & Klein Labs_ 2025 Monthly Event Review Calendar. source: Klein Labs Looking back at 2025, this year was not simply a bull or bear market, but a re-positioning of the crypto industry within the multiple coordinates of politics, finance, and technology—laying the foundation for a more mature and institutionalized cycle in 2026. At the beginning of the year, Trump’s inauguration and the digital asset strategy executive order significantly changed regulatory expectations. Meanwhile, $TRUMP token issuance brought cryptocurrencies into the mainstream, and market risk appetite rapidly increased. Bitcoin achieved a historic breakthrough of $100,000, marking the first transition from a "speculative asset" to a "political and macro asset." Subsequently, the market quickly faced the backlash of real-world constraints. The celebrity coin decline, the Ethereum needle event, and Bybit experiencing an epic hacker attack

Tiger Research based on the interest rate cut cycle, M2 growth, and the CLARITY Act, sets Bitcoin's Q1 target price at $185,500, representing a 100% upside from the current $96,000. Despite ETF outflows of $4.57 billion, the record high M2 indicates ample liquidity.

Tiger Research指出，privacy technology is the decisive narrative for 2026. Monero is fully anonymous and cannot disclose information, and it is rejected by regulators for not supporting KYC or AML. Zcash offers optional privacy but can only be fully disclosed or fully hidden, with no tiered disclosure. Canton Network achieves granular permissions through Daml, allowing the provision of specific data independently, and has been adopted by DTCC.