Crypto 2025 Was a Macro Story
Crypto didn’t crash in 2025 because of hacks or bad protocols.
It crashed because macro took over.
The first selloff hit in Q1. Market cap dropped from 3.6T to 2.42T in just a few months. No FTX, no exploits. Trump’s trade war narrative pushed markets into risk off and crypto moved with every other risky asset.
When trade tensions paused, liquidity came back fast. From April to August, BTC and ETH made new all time highs. People started saying the four year cycle was dead and a supercycle had begun.
Then August changed everything. Trade war fears returned. The mar