The crypto market in 2025 underwent a significant transformation, moving beyond quick rallies and sharp pullbacks to a period of reorganization. Key developments included the institutionalization of demand through spot Bitcoin ETFs, which acted as a new monetary channel, and broader institutional exposure beyond ETFs. This shift suggests that future bull cycles, like the anticipated one in 2026, will be driven more by institutional flows, regulatory frameworks, and fundamentals rather than speculative manias, though volatility will persist.