The cryptocurrency market in 2025 experiences intense swings between bull and bear phases, with opportunities and challenges coexisting. Reflecting on the year's overall trend and analyzing the current landscape are crucial for understanding the future direction. In the first half of 2025, Bitcoin and Ethereum surged together, repeatedly reaching new all-time highs. Market sentiment was high, funds flowed in, profit-taking effects were evident, and various sub-sectors remained active. By the end of the year, the market sharply reversed, and a bear market returned. Bitcoin stabilized around the 80,000 level, leading stocks weakened, prompting market adjustments, with previous gains significantly retraced. Market sentiment shifted from euphoria to cautious panic. Currently, the market is in a range-bound oscillation, which serves both as a test of the remaining momentum from the previous bull run—digesting trapped and profit-taking positions, and testing support and resistance—and as a buildup for a new bull market, during which the market completes reallocation of chips and reshaping of the landscape.