Architect Partners：2025年终加密货币行业并购与融资报告（英文版）

This has proven accurate, however, as typical, the hard work reveals itself. By the end of Q1 2025 the tariff experiment was in full swing, creating economic uncertainty but the roller coaster turned upward in Q2 and Q3 with strong crypto asset price performance. Q4 saw a decided reversal in crypto asset values which was particularly noticeable as public equity markets continued to strengthen. Bitcoin, Ethereum and the DeFi Pulse Index ended the year down 6%, 12% and 43% from last yearʼs leve