In 2025, cryptocurrencies may exhibit the following trends: Bitcoin spot ETPs are expected to launch; the bull market may reach a mid-term peak in the first quarter and an all-time high in the fourth quarter; the United States may increase adoption through strategic reserves and other means; the value of tokenized securities exceeds $50 billion; the daily settlement volume of stablecoins reaches $300 billion; on-chain activities of AI agents increase; the total locked value of Bitcoin's second-layer network and Ethereum's data sharding revenue increases; the DeFi and NFT markets may recover and reach new highs. However, the cryptocurrency market is highly uncertain, and investors should make cautious decisions.