Regulators and technology drive cryptocurrencies to recover in the third quarter

In the second half of 2025, global cryptocurrency funds fell by 30%, but the growth rate in the third quarter exceeded that in the second quarter, reflecting the complexity of the market environment. Influencing factors include shifts in investor priorities, regulatory reviews, and macroeconomic conditions. Some key progress has boosted market confidence, such as the U.S. House of Representatives’ cryptocurrency bills such as GENIUS and CLARITY, providing a clearer framework for stablecoins and digital assets. Adoption of traditional institutions and governments has stabilized market sentiment, with XRP, Solana and Cardano being included in the U.S. cryptocurrency reserves. Global regulatory changes, growth in DeFi and Ferrari's adoption of institutions such as cryptocurrencies have supported market resilience, although market volatility and regulatory uncertainty remain.