The cryptocurrency market in 2025 experienced rapid shifts in narratives, with many proving to be fleeting while others left lasting impacts. According to Tiger Research, the year was marked by market fatigue and growing skepticism as numerous narratives captured short-term attention without establishing foundational infrastructure. However, some narratives evolved into genuine industries, driving market evolution and expanding retail investor participation. Meme coins exemplified the potential for rapid user influx due to low entry barriers, yet highlighted the challenge of user retention. Meanwhile, InfoFi services, which reward information production, faced issues with content quality and incentive distribution, raising questions about evaluating information quality. Additionally, the growing institutional presence in the market has brought privacy concerns to the forefront, as transparency may not benefit all participants equally. 2025 also demonstrated the product-market fit for cryptocurrencies, with stablecoins and prediction markets showcasing practical applications. These developments indicate that while many narratives were short-lived, they provided valuable lessons for future market evolution, broadening participation and clarifying effective market structures.