Pantera 2025 Review: Flat Prices but Significant Structural Progress, Regulatory Shifts, ETFs, and RWAs Become Key Variables

According to TechFlow, on December 17, crypto investment firm Pantera Capital released its annual outlook report, "A Review of Structural Progress in the Crypto Industry in 2025." The report states that although the price performance of crypto assets in 2025 fell short of some market expectations, the year marked the most significant structural progress in the crypto industry. The report highlights clear improvements in the US regulatory environment (including changes in SEC leadership, the repeal of SAB 121, and the withdrawal of several crypto lawsuits), the advancement of stablecoin legislation, the inclusion of a certain exchange in the S&P 500, progress in Solana and XRP ETF, Robinhood's launch of tokenized stocks, as well as the accelerated development of RWA and prediction markets—all laying the foundation for the industry's long-term growth. Pantera believes that these institutional and infrastructure-level changes are opening up space for crypto development in 2026 and beyond.