来源： Pantera Capital
编译：谷昱， ChainCatcher
2026 年伊始，我们期待加密货币领域在未来一年比过去一年更加精彩。但在翻开新的一页之前，我们想花点时间回顾一下 2025 年取得的成就。
2025 年再次提醒我们，加密货币的发展并非一帆风顺。在历史性的利好因素和美国监管政策走向明朗的推动下，市场飙升至历史新高，各种观点也随之演变，市场动能也周期性地重置。尽管最终收盘价低于历史高点，但这一年标志着加密货币行业完成了必要的调整，为实现真正的飞跃式增长奠定了基础。
Pantera Capital： 2025 年投资复盘
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