According to the anonymous analyst known as 0xJeff, 2025 was one of the most challenging periods for the crypto market. Despite positive regulatory signals and institutional participation, the market overall moved in the opposite direction, manifesting in sharp losses for altcoins and a rise in Bitcoin dominance.
Summary of analyst 0xJeff's view
The analyst states that most altcoins lost between 80% and 99% of their value in 2025, while Bitcoin dominance exceeded 60%. Ethereum traded at levels comparable to 2022, and technology stocks collectively outperformed crypto assets in terms of returns.
Overview of market dynamics in 2025
The 2025 market was characterized by high fragmentation and the rapid disappearance of former narratives: themes that previously held attention for weeks in 2025 lasted only days. As a result, participants shifted focus from short-term stories to real metrics — revenue, users, and business growth.
Explosive growth of prediction markets
One of the key trends was massive activity on prediction markets: the weekly trading turnover of this segment reached $3.8 billion for the first time, and the leading platforms named were Polymarket, Kalshi, and Opinion. These markets are used not only to bet on events but also as a flexible trading tool for positioning, hedging, and building delta-neutral strategies.
Shift toward conservative strategies
Against the backdrop of volatility, interest grew in more conservative approaches such as cash-secured puts and covered calls. According to the analyst, these strategies allow earning stable income on stablecoins and altcoins through selling options for a fixed premium, while investors sacrifice liquidity for several weeks in exchange for predictable cash flow and risk control.
Changes in project governance and the rise of MetaDAO
The analyst notes an intensification of the conflict between the interests of equity holders and tokenholders, which surfaced in M&A transactions and led to a search for new governance forms. The response included market-governed organizations and ownership coins, and the MetaDAO model proposed transparent ICOs with high free float and no private rounds — which, 0xJeff observes, gave projects sustainable momentum and outperformance in 2025.
Tokenized securities and regulatory changes
Regulatory easing from the SEC and the launch of pilot programs via DTCC infrastructure simplified the issuance of tokenized stocks, bonds, and ETFs. According to the analyst, these changes helped accelerate the development of the tokenized securities segment and potentially improve institutional infrastructure.
Consumer segment: perpetuals and prediction markets
In the consumer segment, perpetual contracts and prediction markets became the core of activity: their volumes reached historical highs and remained the main source of trading activity for retail. This growth ran in parallel with increased interest in instruments offering predictable income.
Why this matters
If you mine in Russia and operate from one to a thousand devices, these changes primarily mean increased market concentration and prolonged volatility. The sharp decline in altcoins and the rise in Bitcoin dominance change liquidity and demand for different tokens, which affects reward prices and the ability to quickly sell mined coins.
What to do?
Practical steps for a miner with a small farm should be simple and pragmatic. First, assess which currency you receive income in and how long you are willing to hold mined assets — this will help choose between quick conversion and holding strategies.
- Consider keeping part of your payouts in stablecoins to reduce income volatility.
- If you want to retain exposure to altcoins, plan holding horizons and diversification, keeping in mind that many altcoins lost 80–99%.
- Learn the basic mechanics of cash-secured puts and covered calls as ways to earn premiums, but remember about tying up liquidity for several weeks.
- Monitor the development of tokenization and infrastructure — it may affect conversion and custody mechanisms.
For context, it's useful to compare the current market state with more detailed reviews; see crypto market situation and materials on altcoin rallies, as well as a review on tokenization of real assets.
Conclusions
According to 0xJeff, the outcome of 2025 is the market's exit from the "easy money" phase and a shift toward a model based on fundamentals, alignment of interests, and long-term value accumulation. For participants, this is a time to reassess risks, focus on metrics, and adapt strategies to new instruments and the regulatory reality.
