The CMC article "Why 2025 Is the Year Big Business Finally Goes Crypto" offers a structured overview of how large financial institutions are entering the crypto space today. The central idea is clear: capital is no longer chasing potential - it's searching for structure, measurable activity and business logic that can hold under scrutiny.
Where earlier cycles favored novelty, this one favors function. It's not enough to be new - projects must prove they can scale, sustain, and deliver.
One passage, in particular, reflects this change:
“Funds are increasingly paying attention to the viability and business logic of projects. Do you have real users, not just accounts? Is it clear how tokenization works? How does the project make money, and how can it scale this profit?”
This is not a rhetorical question, it is a new form of due diligence.
In conversations with teams and funds, I increasingly notice the same pattern: the technical layer is still relevant, but what matters most is whether the architecture serves an observable function, and whether that function translates into sustainable use.
The crypto space of 2025 is not short on tools or networks. What it often lacks is internal coherence - a line from value proposition to mechanism to outcome. But perhaps this is the best thing institutional interest can bring: not just capital, but a demand for structural maturity.
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