DWF Labs: The 2025 cryptocurrency market shifts from a speculation-driven cycle to a balance sheet-driven market structure

DWF Labs stated that in 2025, over $19 billion in liquidations cleared excessive leverage from the crypto market, shifting the market from a speculation-driven cycle to a balance sheet-driven market structure.

The supply of stablecoins grew by over 50% year-on-year, with more than $20 billion allocated to yield-bearing stablecoins, indicating that the crypto industry is moving from being merely a payment tool to focusing on asset management.

The on-chain real-world assets (RWA) scale expanded from approximately $4 billion to $18 billion, while the proportion of derivatives trading on DEX and CEX increased to four times the original, marking the crypto market's accelerated transformation into a credible financial infrastructure.