As 2025 draws to a close, the cryptocurrency market has almost entirely erased its gains for the year. Although Bitcoin reached an all-time high of $126,000 on October 6th, the market subsequently plummeted, with the total market capitalization of digital assets evaporating by approximately $1 trillion over the past few months. The market turning point came in mid-October when Trump announced an escalation of the tariff war, resulting in a record $19 billion in liquidations within 24 hours. Ethereum subsequently fell by about 40% in the following month, and Eric Trump's crypto company also saw a significant drop in market capitalization in December. Analysts point out that while the Trump administration's overall stance is "pro-crypto," the tariff conflict, the tightening macroeconomic environment, and the high-leverage cleansing had a greater impact on the market. In November, Bitcoin briefly fell below $81,000, marking its largest monthly drop since 2021, and is currently fluctuating around $90,000. Industry insiders warn that the market may be entering a new "crypto winter," but some institutions believe this is more like a typical four-year Bitcoin cycle correction. Both BlackRock CEO Larry Fink and Coinbase CEO Brian Armstrong stated that institutional funds continue to flow in over the long term, and crypto assets are moving from the 'grey area' into the mainstream financial system.