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Q4 2025 - Crypto Report


๐๐ซ๐ข๐œ๐ž ๐š๐œ๐ญ๐ข๐จ๐ง ๐œ๐š๐ฉ๐ญ๐ฎ๐ซ๐ž๐ฌ ๐š๐ญ๐ญ๐ž๐ง๐ญ๐ข๐จ๐ง; ๐œ๐š๐ฉ๐ข๐ญ๐š๐ฅ ๐š๐ฅ๐ฅ๐จ๐œ๐š๐ญ๐ข๐จ๐ง ๐œ๐š๐ฉ๐ญ๐ฎ๐ซ๐ž๐ฌ ๐ซ๐ž๐š๐ฅ๐ข๐ญ๐ฒ.


Q4 concluded with a sharp repricing of risk assets, yet this quarterly volatility masks the deeper signal of 2025.


While the final months saw a leverage washout, the year delivered a staggering 1,262% surge in global M&A volume.ย 


The data confirms a decisive rotation: speculative froth is receding, while the industrial logic of programmable payments and digital asset treasuries is hardening.


Atย Outrun, we see this not as a downturn, but as a maturation. Our Q4 report unpacks this divergenceโ€”and outlines how forward-thinking institutions are positioning for the cycle ahead.



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