#加密货币监管框架 Looking at this M&A data for 2025, what comes to mind are the key milestones the crypto industry has passed over the past decade. The $8.6 billion in transaction volume is four times that of 2024—this number alone tells a story.

Remember the frenzy of 2017? Back then, everyone was talking about blockchain, but genuine institutional capital was still on the sidelines. Now, Coinbase acquiring Deribit for $2.9 billion and Kraken investing $1.5 billion to acquire NinjaTrader—this is no longer a game for speculators; Wall Street is redefining the rules of the game.

The pivotal turning point has been the clarification of regulatory frameworks. The shift in the Trump administration’s stance—appointing industry-friendly regulators, dismissing lawsuits, launching national reserves—these moves sent a clear signal to the market: crypto assets are moving from the fringes to the center. It’s this certainty that has encouraged traditional financial institutions to make large bets.

History always follows patterns. Each cycle’s turning point is accompanied by a reorganization of power structures. From 2011 to 2014, it was the era of individual miners; from 2015 to 2017, the era of project teams; from 2018 to 2021, the era of exchange dominance. Now, we are entering a phase of mergers, acquisitions, and institutional expansion. The surviving platforms are acquiring competitors and completing market consolidation.

What does this mean? It signifies industry maturity and a shift from decentralization to centralization. The once-ideal vision of “everyone can participate” is being replaced by the reality of “winner takes all.” This isn’t inherently good or bad; it’s simply an inevitable cycle. Behind the growth of 267 deals is a silent transfer of power.

What’s next? The large-scale entry of traditional financial institutions is a certainty, but the real test will be their risk management capabilities. How far this round of M&A can go depends on whether the regulatory framework can truly be implemented, rather than just remain at the policy level.