2025 Crypto Market Changes: After $19 Billion in Liquidations, a Shift from Speculation to Asset-Driven

LiquiditySurfer · 2025-12-23T01:42:11+00:00

In 2025, the crypto market experienced deleveraging, with over $19 billion in Get Liquidated affecting market sentiment, shifting towards balance sheet-driven dynamics. The supply of stablecoins rose by 50%, demonstrating asset management capabilities, while on-chain real-world assets expanded to $18 billion, reflecting the improvement of the financial infrastructure in the crypto market.

LiquiditySurfer

2025-12-23 01:42:11

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[Block Rhythm] In 2025, the crypto market underwent a critical deleveraging. Over $19 billion in Get Liquidated cleared out excessive speculative positions, and the temperament of the entire market changed – no longer purely a speculative cycle, but gradually evolving into a balance sheet-driven structure.

This transformation is most visibly reflected in the stablecoin ecosystem. The supply of stablecoins has increased by more than 50% year-on-year, with over $20 billion already allocated to interest-bearing stablecoin products. In other words, stablecoins are no longer just payment and trading tools; they are taking on the role of asset management.

The expansion of real-world assets (RWA) on the chain illustrates the issue more clearly. It has increased from $4 billion to $18 billion, more than quadrupling in scale. At the same time, the proportion of derivative trading on DEX and CEX has also increased fourfold. These figures reflect the same trend— the crypto market is accelerating the improvement of its financial infrastructure, gradually establishing credibility and depth.

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