#加密货币监管框架 In 2025, the total value of crypto M&A transactions reached $8.6 billion, reflecting a shift in policy expectations that accelerates capital consolidation. Coinbase's $2.9 billion acquisition of Deribit and Kraken's $1.5 billion purchase of NinjaTrader—such large transactions are not isolated events but are indicative of the market pricing in clearer regulatory frameworks.

From on-chain fund flow analysis, this wave of mergers and acquisitions largely stems from traditional capital's systematic deployment into crypto infrastructure. After the US government designated crypto as a national priority, the entry logic for institutional investors became clearer—they are no longer just testing waters but establishing long-term positions. 267 transactions increased by 18% year-over-year, while the transaction volume nearly quadrupled month-over-month, indicating that individual transaction sizes are rapidly increasing, and valuations of leading projects are rising swiftly under the expectation of consolidation.

Key points to watch: subsequent developments in the fund chains post-M&A—when new regulatory rules will be implemented, the specific timing windows for traditional financial institutions to enter, and whether there will be liquidity changes in merger pairs after leading exchanges complete acquisitions. These are signals that can be directly tracked on-chain and will preemptively reflect market perceptions of regulatory framework details.