If 2024 was the year of “survival,” then 2025 became the year of “punishment for weak security and tokenomics.” According to Chainalysis estimates, more than $3.4 billion was stolen in 2025, with one incident — the Bybit compromise in February — accounting for about $1.5 billion. Industry security reviews also recorded losses of “more than $4 billion” for the year and an increase in the share of incidents due to operational failures.
1) Altcoins with failed TGEs: “token graveyard”
At the end of the year, estimates emerged that about 85% of tokens launched in 2025 are trading below their initial prices — meaning that most launches failed to maintain demand and liquidity.
2) Memecoin scandals: the $LIBRA case in Argentina
A high-profile counterexample is the story of $LIBRA: after a public mention by the president of Argentina, the token skyrocketed and then collapsed, leading to investigations and allegations of fraud.
3) Closure of NFT platforms as a signal that “the market has not returned”
NFT infrastructure continued to shrink. X2Y2 announced the closure of its marketplace in the spring of 2025. LG closed Art Lab, an NFT platform for TV, in the summer of 2025, directly citing a change in focus due to the market.
4) Social engineering and hacks instead of “pure” DeFi exploits: the Venus case
A notable episode of the year was attacks through the human factor. In the Venus Protocol case, attackers used Zoom compromise/social engineering to gain control over user actions and put approximately $13 million at risk.
5) Centralized services as “points of failure”
Even with the growing maturity of DeFi, the biggest losses are increasingly occurring in centralized services due to the compromise of keys and transaction signing processes — and this concentrates risk in single events.
Fixygen’s main conclusion
In 2025, the “worst” were not those with less marketing, but those with:
1) weak operational security and access control,
2) toxic tokenomics and inflated issuance,
3) a product with no real utility (especially in NFT/GameFi),
4) a focus on short-term pumping instead of infrastructure and partnerships.
2025 turned out to be the year of “infrastructure instead of hype.” The fastest-growing projects were those that simplified payments and onboarding, built rails for stablecoins and tokenization, and closed security gaps. Against this backdrop, the capitalization of stablecoins, according to industry reviews, grew significantly and reached about $306 billion by December. At the same time, Artemis analysts estimate the annual on-chain settlement of stablecoins at around $26 trillion (after clearing out the “noise”) — this explains why a new “startup boom” has emerged around stablecoins.
1) Privy (onboarding and wallets as a service)
One of the most notable successes of the year is the infrastructure for embedded wallets and web3 login. Privy raised additional funding in the spring and was acquired by Stripe in June — a rare case of a web2 giant “taking over” web3 infrastructure.
2) Plasma (blockchain “under stablecoins”)
While “universal” L1/L2s were arguing about TPS, individual teams began to create networks with a focus on one key use case — stablecoins and payments. Plasma raised a round to develop a stablecoin-oriented chain and payment infrastructure.
3) Coinflow (stablecoin payments for businesses)
Focused on the simple integration of stablecoins into payments for goods and services. In 2025, Coinflow raised a significant round of funding for the development of its payment platform and B2B partnerships.
4) Speed (Lightning payments: BTC + stablecoins)
Alongside the “stablecoin highway,” Lightning has also gained momentum as a fast payment layer. Speed raised $8 million from Tether and Ego Death Capital to scale payment solutions on Lightning.
5) Stable Sea (stablecoin treasuries and cross-border)
A new wave of services that make stablecoins a “treasury” for companies: liquidity management, international transfers, and fintech integrations. Stable Sea raised a seed round and is directly positioned as infrastructure for institutional treasury operations.
6) Block Street (tokenization of shares: execution layer)
In 2025, the tokenization of public assets became a topic again — but with an emphasis on “how to execute transactions and settlements” rather than marketing. Block Street raised $11.5 million for an execution infrastructure for onchain shares.
7) EigenCloud (development platform around the restaking idea)
The trend of the year is the transformation of “crypto security as a resource” into a product for developers. Eigen Labs promotes EigenCloud as a platform layer where cryptoeconomics and security become part of the dev infrastructure.
8) Hexagate / security-as-a-service (signals, monitoring, prevention)
Against the backdrop of increasing attacks, those who sell not “annual audits” but continuous monitoring and response are winning. In 2025, Chainalysis actively promoted Hexagate Security as a separate direction for funds and ecosystems.
9) Crown (regional stablecoins and local currencies)
Another sign of maturity is the growth of stablecoins pegged to local currencies. Crown (BRLV, Brazilian real) raised $13.5 million in Series A funding in December with a declared valuation of approximately $90 million.
What Fixygen considers to be the main trend for the “near future”
In 2026, it is logical to expect acceleration in areas where crypto already competes with traditional rakes: stablecoin payments, “painless wallets,” tokenization of simple instruments (primarily money and short-term bonds), as well as security and compliance as a mandatory part of the product.
The crypto market ended 2025 significantly weaker than most traditional asset classes. According to Fixygen’s estimates, Bitcoin fell by 5.75% over the year, Ethereum by 11.58%, and the altcoin sector by 42.27%. Fixygen
At the end of December, the market remained in a state of low liquidity and consolidation, with BTC and ETH trading around $88,000 and $3,000, respectively.
The key story of 2025 was strong growth to autumn highs and a subsequent sharp correction. Fixygen noted that the decline was exacerbated by derivatives and the forced closure of short positions worth about $19 billion. Fixygen In November, according to Fixygen analysts, the cryptocurrency market lost more than $1 trillion in capitalization amid profit-taking, deteriorating risk appetite, and outflows from exchange-traded funds. Fixygen
The end of the year was marked by a thin market and the impact of major events in derivatives: Fixygen pointed to the effect of low holiday liquidity and discussion of a large expiration of options on Deribit as a potential trigger for short-term volatility. Open4Business
Trends for 2025
1. Crypto is increasingly being traded as a risk asset alongside the macro agenda. This was evident, in particular, through sensitivity to interest rate expectations and overall market sentiment, as well as through participants’ discussions about ETF flows.
2. Rotation within the market: after overheating, capital sought more stable segments. The tokenization of real assets and the growth of infrastructure around RWA and stablecoins stood out: according to RWA.xyz, the total value of tokenized RWA on public blockchains is about $19.17 billion, and the stablecoin market is about $298 billion.
3. Regulation became part of investment risk and part of the industry’s “legitimization”: 2025 brought noticeable regulatory changes and increased attention to compliance in various regions.
The near future: baseline scenario and crossroads
The baseline scenario for early 2026 is continued consolidation after a volatile fall, when the market will “digest” the correction, and dynamics will largely remain dependent on the macro background, capital flows, and the news agenda.
Further on, the fork is simple. The positive scenario is a return of steady demand from large investors and a restoration of risk appetite, which usually supports BTC and then triggers a selective “second wave” in liquid altcoins. The negative scenario is a new wave of risk-off (due to rates, geopolitics, or regulatory surprises), in which altcoins, as the riskiest segment, feel the pressure the most — this was already evident at the end of 2025.
The November collapse of bitcoin from levels above $120 thousand to the zone of about $80 thousand was a cold shower for retail investors – primarily young investors, for whom crypto has long become not an exotic, but the main “investment” instrument. But the current correction has not destroyed the interest, but only exposed what professionals have been saying for a long time: in the eyes of some young people, the crypto market looks more and more like high-risk betting rather than classic investments.
A fresh survey by YouGov and Young Men Research Project, published by MarketWatch, shows a generational gap in financial behavior. Among U.S. men ages 18-29:
28% own crypto assets (cryptocurrency and/or cryptocurrency ETFs),
while only 21% are saving for retirement through 401(k) and other classic retirement plans.
Bitcoin remains the “anchor” of the portfolio, followed by Ether and Solana; the share of meme-coin investments is noticeably smaller, but these are the ones that reinforce the impression of a “casino approach” to money management. What’s also important is who exactly we see in these statistics. The research shows:
the higher the income and education level, the more likely a young person is to have both a crypto and a classic retirement account;
among freelancers and those in non-standard forms of employment, crypto is often the only “long term” asset – they simply don’t have access to retirement plans.
So this is not just a story about “irresponsible players” – in many ways it is a reaction to the new conditions of the labor market, where stability and a social package have become a luxury.
For some young people, crypto fulfills several roles at once:
Financial elevator. Against the backdrop of low housing affordability, expensive education and de facto stagnant wages, the temptation to “jump the ladder” through a successful entry into BTC or altcoin is very high. Stories of early holders with X10-X50 fuel expectations.
Part of the online culture. Crypto is embedded in the ecosystem of YouTube, Reddit, X, Discord. There’s also betting, trading, sports betting. For many, it’s a unified medium of pastime and risk. Researchers directly record the intersection of the audiences of cryptoinvestors and online gambling fans.
Distrust of the “old” system. Pensions and traditional funds are associated with bureaucracy, slow returns and lack of control. Crypto, on the contrary, seems to be an instrument of “personal freedom” – even if the real control is limited to knowing a couple of apps and passwords.
All of this makes the crypto market susceptible to waves of FOMO and panic. The November dip after historic highs showed how painful such swings can be for those who went in “on the shoulder of hope” rather than as part of a well-thought-out strategy.
1. The risk of a “lost decade” for personal finances.
If a significant portion of a generation is betting almost exclusively on crypto rather than a diversified portfolio and retirement savings, every major market drawdown sets their financial goals back years. It’s not just about balance sheet decline – it’s about psychological “burnout” from investing itself.
2. Increased market volatility.
The greater the share of participants with a short horizon, high risk tolerance and “game” orientation, the more the market resembles a derivative casino. This amplifies the amplitude of movements and increases the likelihood of sharp drops when macro backdrop or regulatory news deteriorates.
3. Field for regulators.
Crypto’s growing share of youth savings is almost guaranteed to increase regulatory attention, from the US to the EU to emerging markets. Already, restrictions on the marketing of high-risk products, requirements for exchanges to protect unqualified investors, and tighter KYC/AML controls are being discussed.
For countries like Ukraine, where the share of cryptoactive youth is also high, these trends mean an inevitable dialog: how to develop an innovative market without turning it into a mass trap for personal finance.
Outlook: three scenarios beyond November
If we look at the end of the year and 2026 through the lens of retail investors, we can roughly distinguish three scenarios:
“Nervous Stabilization” (baseline).
Bitcoin and large altcoins trade in a wide corridor, some retailers record losses and go into stablecoins or cache, but a core of young holders remain in the market. Crypto is gradually being integrated into more conservative products (ETP, funds), and the growth of interest compensates for the partial outflow of the disappointed.
New wave of euphoria.
Against the backdrop of falling rates, inflows of institutional capital or “Bitcoin in retirement plans” style news, we see a rally again. Young people see the November drawdown as “one more chance to get in” and the market structure becomes even more fragile due to increased shoulder demand.
Regulatory shock.
A major scandal, the collapse of another exchange or a tough package of restrictions in one of the jurisdictions may provoke not only a price spill, but also a mass exit of a part of retail. Against this background, interest in classic instruments (ETFs on indices, bonds, pension plans) temporarily increases.
Which scenario will be realized depends largely on macroeconomics, central bank policy and the depth of future regulatory reforms.
The November collapse showed the main fork for a young investor: to stay in the logic of rates or to switch to the logic of strategy. The answer to this question will determine not only the future bitcoin exchange rate, but also the financial health of an entire generation.
In November 2025, the cryptocurrency market experienced one of the most nervous months in the entire post-ETF era. After Bitcoin hit a historic high of around $126,000 in October, November saw a sharp correction: over the last 30 days, BTC has fallen by approximately 20-22% and rolled back more than 30% from its peak, according to data from Coinglass and market reports.
Against this backdrop, most altcoins experienced a real “bubble compression” — many lost more than 50% in a month. But even in such a market, there were assets that either grew or fell significantly less than others.
Below is an overview of who were the conditional “winners” of November and who ended up at the top of the anti-rating. These are not investment recommendations, but an analysis of trends and risks.
The market as a whole: correction after overheating
Bitcoin – a monthly decline of about 20–22%, more than 30% down from its historic high of approximately $126,000.
Ether and large altcoins fell even more sharply, in the range of 25–40% per month.
According to analysts’ estimates, hundreds of billions of dollars in market capitalization evaporated in November after a very aggressive rally in 2024–early 2025.
Triggers for the correction: profit-taking after record highs, forced liquidation of leveraged positions, cooling interest in high-risk altcoins, and weak macro statistics.
Important: when the entire market is falling, “the best” in most cases means either real growth or minimal losses amid an overall decline.
1. Zcash (ZEC) – explosive growth amid demand for privacy
One of the most striking episodes of November was the surge in the price of Zcash. According to industry reviews, ZEC jumped by approximately 200–250% in November as hype surrounding privacy and anonymous transactions grew.
At the same time, the CoinLore aggregator shows Zcash as one of the best assets of 2025 in terms of total return: the ROI of the L1 sector is estimated at an average of +164% for 2025, and ZEC is among the leaders in this segment.
2. “Defensive” tokens and gold on the blockchain
In times of turbulence, part of the capital traditionally goes to more “solid” stories. Among them, tokens pegged to gold stand out in 2025:
• Tether Gold (XAUT)
• PAX Gold (PAXG)
According to CoinLore, their combined ROI for 2025 exceeds 50% (about +57% since the beginning of the year), reflecting the trend toward the tokenization of real assets (RWA).
In November, these instruments behaved significantly more stable than most altcoins, serving as a “parking lot” for capital for some investors amid volatility.
3. Large infrastructure coins: falling, but holding up better than small ones
According to CoinLore’s table of the best coins of 2025, large infrastructure tokens are still showing positive results for the year, despite the November slump:
• BNB – about +26% ROI for 2025,
• Bitcoin Cash (BCH) – about +23%,
• TRON (TRX) – almost +9%,
• XRP – about +1%.
In November, they all correlated with the market and declined, but the volume of liquidity and the fundamental load of the networks (exchange business, stablecoins, payment transactions) allowed them to survive the month much more smoothly than micro-cap projects.
November 2025 once again highlighted several simple but unpleasant facts about the cryptocurrency market:
– coins outside the top ten by capitalization can lose 60-97% in a single month even without high-profile hacks,
– the high returns of 2025 for a number of assets are accompanied by terrible intraday volatility,
– DeFi, NFT, and GameFi remain the segments most sensitive to liquidity outflows.
– Tokens with real business models and high usage (exchange coins, L1 infrastructure, tokenized gold) weathered the storm better on average, although they did not escape the downturn either.
For those who follow the market, November can be seen as a stress test for the current cycle. For those who view crypto assets as investments, it is a reminder: without diversification, understanding of risks, and readiness for sharp declines, there is nothing to be done here.
Source: https://www.fixygen.ua/news/20251201/krashchi-kriptovalyuti-listopada-vid-fixygen.html
The global cryptocurrency market experienced a sharp correction in November 2025 after reaching its autumn highs, losing more than $1 trillion in total capitalization amid profit-taking by investors, outflows from exchange-traded funds, and a deterioration in risk appetite in global markets, according to estimates by analytical platforms and market participants.
From late September to early October, when Bitcoin was hitting historic highs above $120,000–126,000 per coin, to mid-November, the total capitalization of the crypto market fell by about a quarter. At times, the Bitcoin price fell to around $82,000–85,000, which is a decline of about 20–30% from its October peak. By the end of the month, the first cryptocurrency had partially recovered from the fall and consolidated in the range of about $87,000–90,000.
Analysts attribute the correction primarily to large-scale profit-taking after months of growth that began in 2023–2024, as well as a revision of expectations regarding Fed rates and a decline in interest in risky assets amid the strengthening of gold’s position as a safe-haven asset.
Additional pressure on the market came from significant outflows from spot Bitcoin ETFs in the US: according to market participants’ estimates, the total amount of funds withdrawn from such funds in November amounted to several billion dollars, which led to sales of the underlying asset. At the same time, a number of public companies reduced their cryptocurrency reserves to service their debts and support their own quotations.
The correction also affected other leading crypto assets. Ethereum traded in the range of about $2,800–3,000, and a number of major altcoins (including Solana and XRP) also showed double-digit declines from recent local highs, although some of the losses were recouped by the end of November.
Against the backdrop of general volatility, individual tokens showed mixed dynamics. For example, the previously inconspicuous RAIN token, associated with the decentralized prediction market, showed short-term growth of more than 100% after one of the biopharmaceutical companies announced plans to form a significant amount of reserves in this asset.
The decentralized finance (DeFi) segment came under pressure again in November due to security incidents: one of the major automated trading protocols lost a significant amount of user funds as a result of an exploit, which intensified the debate surrounding the stability of complex DeFi mechanisms.
At the same time, regulation continued to tighten and infrastructure continued to institutionalize. Financial regulators in a number of countries announced increased requirements for reserves and asset segregation on crypto exchanges, while large fintech companies continued to work on their own stablecoins and blockchain payment solutions within the framework of existing or upcoming regulatory regimes.
Most industry analysts assess what has happened not as the beginning of a new prolonged “bear market,” but as a deep but typical correction for cryptocurrencies after a period of overheating. At the same time, they point out that volatility and high sensitivity to macroeconomic factors maintain the status of crypto assets as one of the most risky segments of the global financial market, despite the growth of institutional participation and the development of a regulated infrastructure.
