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[Coin Metrics Report: Crypto Investment Ecosystem to Expand in 2025, but Capital Allocation Becomes More Selective] Coin Metrics pointed out in the '2025 Digital Asset Report' that the crypto investment ecosystem will continue to expand in 2025, primarily driven by institutional adoption, regulatory breakthroughs, and the growth of on-chain activity. However, as the market matures, capital is expected to flow more toward mature assets with higher liquidity, clear fundamental demand, robust tokenomics, and better product-market fit, rather than being widely dispersed. The report also shows that Bitcoin's market share will rise to 64% in 2025, the highest level since April 2021. Meanwhile, the total market capitalization of altcoins will remain below the previous cycle's peak (approximately $1.1 trillion), with the top 10 assets by market cap (excluding stablecoins and on-chain derivatives) accounting for 73% of the total market capitalization.