2025 is the darkest year for the crypto market, and also the dawn of the institutional era. This is a fundamental shift in market structure, while most people are still viewing the new era with the logic of the old cycle. The 2025 crypto market review shows a shift from retail speculation to institutional allocation, with core data indicating institutional holdings at 24%, and retail exiting at 66%, completing the turnover in the crypto market. Although BTC fell by 5.4% in 2025, it reached an all-time high of $126,080 during the period. Market dominance has shifted from retail to institutions. Institutions continue to accumulate at 'high positions' because they are not focused on price, but on cycles. Retail is selling, institutions are buying. This is not the 'bull market peak', but rather the 'institutional accumulation period' #btc