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2025 is coming to an end, but the crypto market is showing an unprecedented "split" scene: Bitcoin (BTC), driven by institutional funds, repeatedly hits new highs, reaching as high as $125,000; Ethereum (ETH) struggles around $2,800, still significantly below its all-time high; and the once "rising tide lifts all boats" altcoins have fallen into a deep abyss, with most projects plunging 80-95% from their 2021 peaks, unable to recover even amid BTC's new highs.
This completely deviates from the classic narrative of the past decade in the crypto market. The traditional "four-year cycle" script—"BTC first rises → ETH catches up → Altcoins rotate and surge"—seems to have completely failed in 2025. The familiar "carving a boat to seek a sword" strategy among veteran players has now become a joke of "carving a boat to seek fish."
Meanwhile, Grayscale, Coi