Coin Metrics report: The crypto investment ecosystem will continue to expand in 2025, but capital is becoming increasingly cautious.

PANews reported on December 28th that, according to Crowdfund Insider, Coin Metrics' "2025 Digital Asset Report" points out that the crypto investment ecosystem will continue to expand in 2025, benefiting from institutional adoption, regulatory breakthroughs, and increased on-chain activity. However, as investment scope expands and the market matures, capital may concentrate on "mature assets with stronger liquidity, clearer fundamental demand, more robust token economic structures, and better product-market fit," rather than broadly diversified investments.

The report also noted that Bitcoin's market share "climbed to 64% in 2025, reaching its highest level since April 2021." Meanwhile, the total market capitalization of altcoins remains below previous cyclical highs (approximately $1.1 trillion), with the top ten assets by market capitalization (excluding stablecoins and on-chain derivatives) accounting for about 73% of the total market capitalization.