2025: ATHs, extreme fear & the biggest hack ever

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ATHs, Panic, Repeat: How 2025 Broke Crypto's Emotional Scale 2025 gave crypto everything at once. Markets hit fresh all-time highs, total capitalization jumped past $4T, and Bitcoin rewrote price history. Then blink, and sentiment flipped. Fear indexes crashed into "extreme," volatility spiked, and confidence evaporated faster than yield on a shady farm. Bitcoin surged above $120K earlier in the year, Ethereum reclaimed key levels, and institutions kept buying. But the party came with a hangover: sharp corrections, liquidations, and a reminder that crypto still loves drama. Check the current rates Gainers & Losers in 2025 The year delivered explosive winners and brutal disappointments. AI tokens, infrastructure plays, and exchange tokens dominated gains as capital rotated into "useful" crypto. Meme hype cooled, and low-liquidity tokens paid the price. Zcash ZEC $402 ▾ -18.07% Get ZEC Onyxcoin XCN $0.0010 Get XCN Proton XPR $0.0039 ▴ 18.37% Get XPR What Shaped the Market? In 2025, crypto was shaped by institutional money, security shocks, and emotional whiplash. Here's what moved the needle. Institutions Push Crypto to New ATHs Spot ETFs, traditional funds, and corporate treasuries poured billions into crypto. Bitcoin became "acceptable," Ethereum became "productive," and the market started acting less like a casino, and more like a very stressed stock exchange. The results are: New price records Deeper liquidity Faster reactions to macro news Extreme Fear Returns (Again) Despite the growth, sentiment cracked. Macroeconomic uncertainty, rate expectations, and regulatory headlines triggered sharp sell-offs. The Fear & Greed Index hit levels last seen during major historical crashes. Retail panicked, whales waited. Institutions bought the dip (politely). Buy the dips too The Biggest Hack in Crypto History February delivered a brutal milestone: Bybit suffered a ~$1.5B hack, officially the largest exploit crypto has ever seen. Hundreds of thousands of ETH left the exchange, emergency liquidity measures kicked in, and on-chain analysts went into full detective mode. While Bybit avoided collapse, the incident sent shockwaves across the entire market. After the Shock Following the Bybit hack and market sell-offs, volatility cooled. Traders shifted from aggressive derivatives back to spot trading. Exchanges tightened controls. Risk management suddenly became trendy. Analysts now expect slower but healthier growth, stronger infrastructure, and a market that asks harder questions before chasing the next shiny narrative. Invest & wait Have you enjoyed this letter? © Changelly 2015—2026 Get access to mobile-only rates Download the app to get exclusive benefits: Download About  |  Privacy Policy Manage Subscription Any information provided in this email does not constitute investment advice or investment recommendation nor does it constitute an offer to buy or sell or a solicitation of an offer to buy or sell digital assets or other financial instruments described in this email. In particular, this information should not be used as a substitute for suitable investment and product-related advice. Unless expressly stated otherwise, all pricing information is non-binding. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information in this email before making any decisions based on such information. IMPORTANT NOTICE: This sponsored content is for informational purposes only and not intended for persons in the United Kingdom. If you are accessing this from the UK, please note that this content has not been approved by an FCA authorised person. Cryptoassets are not regulated by the FCA and are high risk. The value of cryptoassets can go down as well as up and you may lose all your money. The content is for information only and not investment advice.