The Landscape and Prospects of the Crypto Market in the Post-Bull Run Era

Overall Market Overview

In the first half of 2025, the crypto market enters the "post-bull run" phase, characterized by high volatility and structural differentiation. Although Bitcoin reaches a new high, it quickly retraces, and the market is shrouded in clouds of macro uncertainty. This period is not a traditional bear market, but rather a transitional zone after the cyclical peak, with a decrease in risk appetite but no systemic crisis. Core assets still have institutional demand, while some emerging sectors such as AI chains and Restaking continue to attract capital.

The global economy is showing a trend of "unstable de-inflation and pressured growth." The Federal Reserve maintains a cautious stance, and there are differing expectations in the market regarding interest rate cuts. The US-China trade friction has become a new variable. It is noteworthy that the globalization level and the ability to withstand interference in the encryption industry have significantly increased. Multiple jurisdictions have introduced supportive policies to provide compliant participation paths for traditional capital.

Overall, the market is at a critical stage of transitioning to the next round of technology-application resonance cycle. Finding sectors and targets with certain growth has become the core logic of the "post-bull run era."

Analysis of Trade Friction Impact

Although the China-US trade frictions in the first half of 2025 have become a market disturbance factor, their impact has clearly weakened compared to previous years. The new round of tariffs imposed by the United States is limited by inflationary pressures, while China maintains a rational and restrained attitude. Overall, it is in a state of "limited confrontation."

The impact on the crypto market is mainly reflected in three aspects: a short-term contraction in risk appetite, deformation of cross-border capital flows, and a strengthening trend of de-dollarization in the medium to long term. It is worth noting that, with the global inflation retreating and expectations of interest rate cuts rising, the sensitivity of the crypto market to geopolitical frictions is decreasing.

Potential for Market Rebound in the Second Half of the Year

In the second half of 2025, the rebound potential of the crypto market mainly comes from the following factors:

1. Changes in interest rate cycles and the recovery of risk appetite
2. Decentralized Finance ( DeFi ) continues to innovate and expand
3. Institutional investors continue to enter the market
4. Breakthrough and Maturity of Blockchain Technology Applications

These factors combined are expected to drive a more significant recovery in the market in the second half of the year.

Main Chain and Asset Diversification Trends

The "hedge properties" of Bitcoin and Ethereum are being redefined. Bitcoin has more characteristics of a global reserve asset, while Ethereum carries more of the Web3 infrastructure and financial innovations.

High-performance chains like Solana have entered a phase of deep ecological construction after experiencing the Meme craze. Layer 2 and cross-chain technologies are driving multi-chain collaboration to become a trend, and user experience will be closer to centralized applications.

Overall, in the second half of 2025, the differentiation of assets and chains in the crypto market will become more pronounced, driving further maturation of the market structure.

Strategy Suggestions

1. Persist in long-term investments in mainstream assets: Bitcoin and Ethereum are still the "main force" in the market.

2. Focus on innovative chains and emerging assets: such as Solana, Avalanche and other high-potential public chains.

3. Strengthen the allocation of stablecoins and DeFi assets: Share the growth dividends of the DeFi ecosystem

4. Closely monitor policy dynamics and regulatory risks: timely adjust strategies to avoid risks.

The potential for a rebound in the crypto market in the second half of 2025 is huge, but whether it can usher in a new round of bull run ultimately depends on the interplay of multiple factors. Investors should remain flexible and continuously monitor market changes and potential opportunities.