The global cryptocurrency market, as it enters the period of September 2025, is in an interesting stage where stability is given on one end, and enthusiasm is given on the other end on the emerging fronts. Bitcoin and Ethereum, the two most famous assets in the industry, showed considerable relative stability over the two days of September 910, 2025, as the two assets moved within constricted bands amid the macroeconomic uncertainty. This weird silence is an indication that the market is coming of age, and the institutional investors have a bigger role to play in subduing the extreme volatility that was characteristic of digital assets.
Bitcoin stood between 111,000 and 113,000, whereas Ethereum stood above 4,300, and both coins demonstrated that they could withstand mixed economic signals in the world. But behind this outer layer of repose is a storm of action: altcoins are on the rise, AI-associated tokens are rocketing, and stablecoins are growing in influence. It forms a market narrative that is no longer entirely determined by Bitcoin, but more so by sector-specific growth stories.
The emergence of Worldcoin (WLD) is one of the most notable ones, with a meteoric price increase after attention from new corporations and speculation as to its role in the interplay between artificial intelligence and blockchain-based identity solutions. In the meantime, the larger AI token industry has already passed a market value of over 33 billion, which underscores the way investors are placing their bets on a meeting point of two of the most impactful technologies in the decade.
Institutional participation is having its headlines, too. The IPO planning of Gemini and Nasdaq moving to tokenized assets is a structural change: no longer a speculative element but an item being incorporated into the financial system. Meanwhile, regulatory discussions, such as the conservative approach of India to the matter and the policy of the global adoption of stablecoins, still influence adoption trends.
Concisely, the crypto market is currently characterized by stability and change: stability of Bitcoin and Ethereum, and change of a new story of AI, altcoins, and institutional finance.
Bitcoin Snapshot (Sept 9–10, 2025)
The last two days were characterized by bitcoin trading within a narrow, but critical span, as it not only evidences the increasing maturity of the Bitcoin market but also the persistent nature of it as a force in the crypto market. Bitcoin made a gain of around 1.3 percent on September 9 and rose briefly to over $113,000 but soon fell to the level of $112,000 on September 10. To the longtime market observers, such actions are small steps; still, they highlight an important point: Bitcoin is starting to act more like a macro asset, and not just a speculative tool.
Several macroeconomic and structural factors support this stability. To start with, the Federal Reserve’s expectations of policy are taking a central stage. Investor risk-taking is high with markets pricing in an 82% probability of the Fed cutting the rate in its next meeting. Traditionally, a weaker U.S. dollar and an increase in liquidity are the winds in favor of Bitcoin due to the lower interest rates.
Second, stagflation, a poisonous combination of low growth and high inflation, has become a little less worrisome. New American figures reveal that inflation has reduced a notch, though growth has not been lost, making investors even more sure of holding Bitcoin as both a hedge and a growth investment.
Third, there is resilience being introduced by institutional flows. Bitcoin ETFs keep inflows steady, and corporate treasuries and funds keep being exposed even in the face of broader equity market volatility. It is this institutional footprint that has made Bitcoin look more like a digital gold 2.0, less volatile than its notorious reputation.
Yet, risks remain. The possibility of a sell-the-news event in case of the Fed decision may result in short-term profit-taking because of the good performance of Bitcoin this year. Also, the increasing competition of the altcoins and AI-related tokens can pull away speculative money.
Nevertheless, on September 10, Bitcoin is a stable, liquid, and more and more indispensable part of the market, the cornerstone of the financial world that is changing at a very rapid pace.
Ether and Major Altcoins
Although Bitcoin has been the one with a stable grip, Ethereum and the top altcoins have silently strengthened the market backbone throughout September 910, 2025. The second-largest cryptocurrency, Ethereum, had a steady trade above $4,300, reaching its highest point of just under $4,359 and then stabilizing. This performance is an indication of not just investor confidence in the long-term role of Ethereum but the central role of this cryptocurrency in powering decentralized finance (DeFi), NFT ecosystems, and Layer-2 scaling solutions.
The stability of Ethereum is also remarkable since the network is still exposed to an increasing competition with newer chains. However, the upcoming Ethereum Layer-2 networks, such as Arbitrum, Optimism, and zkSync have retained funds and developers in their ecosystem. The cost of transactions has significantly reduced in comparison to the past years, which makes Ethereum the settlement layer of Web3 even more powerful.
In addition to ETH, there are other altcoins that are on the rise.
XRP showed an increase of 2.6 percent, which was boosted by the optimistic news of the continuous events in integrating the payments in the cross-border.
Solana (SOL) rose by 3.8 percent, as the project is still in the revitalization story with creators returning to its fast-moving network.
Dogecoin (DOGE), which can be dubbed a meme coin, is nonetheless showing a 2.9 percent gain, reinforcing the idea that community-based assets are not yet devoid of speculative interest.
This shift to altcoins indicates that investors are spreading the risk not only to the market leaders. The index that gives the performance of the altcoins against Bitcoin, the Altcoin Season Index, is no longer at 62/100, which indicates a slow change in the capital flows.
These forces signify that even though Bitcoin and Ethereum continue to be a backbone of the ecosystem, the altcoin market is evolving new attention, particularly in fields on scalability, payments, and community tokens. To investors, this may represent the initial phases of a wider sectoral surge, in which capital may flow across multiple stories and not just BTC and ETH.
AI-Linked Tokens Lead the pack
In the case that Bitcoin and Ethereum can introduce some stability, AI-linked tokens are adding vitality to the market. The AI crypto market has gained momentum in the last two days, and it has been performing well above the rest of the markets, owing to investor hype at the nexus of artificial intelligence and blockchain technology. AI tokens are becoming one of the most rapidly growing stories in crypto as they have a combined market capitalization that now exceeds 33.9 billion.
First in line is Worldcoin (WLD), which extended its price by over 56 percent within two days. The news of Eightco, a rather unknown technology firm, buying extensive quantities of Worldcoin triggered the rally. The relocation was compared to the aggressive approach of MicroStrategy in 2020 with its big move toward Bitcoin that rattled both the stock and crypto markets. Investors quickly started to speculate on whether Worldcoin can turn out to be the flagship asset of the AI-crypto fusion.
Other AI tokens are cashing in on the wave, besides Worldcoin:
The SingularityNET (AGIX) is a platform of AI services that is still growing.
Frame-based, Render Network (RNDR), which specializes in AI and graphics rendering power, is a noteworthy performer.
Fetch.ai (FET) is on the wave of decentralized AI automation, and through partnerships, its adoption curve is being pushed.
The popularity of these tokens is based on their storytelling power. Investors are becoming more certain that blockchain can address serious problems in the development of AI, such as ownership of data, privacy, and decentralized computing power. The critics, however, caution that a lot of the current surge is hype-driven, with no real-world adoption immediately.
Nevertheless, in a world that is consuming the next disruptive theme, AI-related tokens offer both a speculative asset and a long-term prospectus. Their rapid ascendancy highlights the fact that crypto still rides on the newest stories and can change the mood of the market in a matter of days.
The Rise of Worldcoin is Meteoric
One of the numerous stories that will define crypto in the early months of September 2025 is Worldcoin (WLD), which has taken center stage. The token ran up over 56 percent during the period of September 9 to 10, ranking it the best among others in a generally stable market. The short-term catalyst was Eightco, a smaller technology firm, which was reportedly going to hoard much Worldcoin. The move triggered a 3,000 percent increase in the price of Eightco stock, which helped to draw comparisons to the historic Bitcoin accumulation strategy of MicroStrategy in the 202021 cycles.
Worldcoin is not only corporate speculation. The project will be supported by Sam Altman, founder of OpenAI, and is designed to establish a digital identity system around the world through biometric verification. Advocates suggest that Worldcoin would be a pillar of a future in which AI and blockchain intersect, addressing urgent challenges to identity, privacy, and access to financial systems. Such a vision makes WLD more than a conjectural play–it is being labeled as the infrastructure of the digital economy of the future.
Nonetheless, controversy surrounds its emergence. The privacy and ethics of Worldcoin have been raised by its biometric data collection with its Orb devices. In Europe, Latin America, and Asia, regulators are examining how it adheres to data protection regulations, and critics are warning of risks associated with the centralization of sensitive data. Nonetheless, speculative capital is flooding in, betting that first-mover advantage will overrule the risks.
The recent surge highlights a broader trend in crypto: markets are eager to invest in projects that combine the latest technology with compelling narratives. Worldcoin is being branded as both an AI token and a potential global identity layer in Web3. It remains to be seen whether this momentum will lead to sustainable adoption, but to date, WLD has established itself as the poster child of the AI-crypto boom.
AI Token Sector: Momentum & Market Cap Dynamics
The Worldcoin explosion can be taking up headlines, but this is only a section of a far greater narrative: the fast growth of the AI token industry. By September 10, 2025, AI-associated cryptocurrencies had reached a total market capitalization of $ 33.9 billion, becoming one of the most promising industries in the digital asset sector. Such momentum is indicative of both the theoretical excitement and a more fundamental investor belief in the power of artificial intelligence and blockchain technology to work in synergy.
Several tokens are the drivers of this rally:
SingularityNET (AGIX): AGIX is a decentralized marketplace that specializes in AI services; it enjoys increased demand due to its open and interoperable AI tools.
Render Network (RNDR): As the training of AI models becomes a high-performance task, the decentralized rendering capabilities that RNDR offers are rapidly becoming an essential part of the infrastructure.
Fetch.ai (FET): Fetch.ai (FET) develops automation and machine-to-machine communication systems, which are examples of AI tokens that are expected to energize decentralized applications.
Ocean Protocol (OCEAN): OCEAN enables the sharing of data with no data security risks, a core idea that highlights data sovereignty through blockchain.
The AI token boom follows the previous trends in cryptocurrency. Similar to DeFi in 2020 and NFTs in 2021, AI tokens might become the story of the 2025 – 2026 cycles. The psychology of investors matters significantly in this case: the crypto markets are already eager to capitalize on new trends, and AI presents one of the most compelling global narratives at present.
However, the questions of sustainability still exist. Many AI projects are still in the emergent stage, and adoption schedules are uncertain. The analysts warn that valuations may be outpacing fundamentals, and volatility could ensue if the hype dies.
Nevertheless, it appears that the current trend suggests AI tokens will not be a mere fad. They represent a paradigm shift, as blockchain becomes a decentralized AI infrastructure. This sector may become a long-term pillar of the crypto economy if the investment is followed by widespread adoption.
Altcoin Rotation: XRP, Solana, Dogecoin Strength
Even though Bitcoin and Ethereum offered the market the much-needed stability during September 9 and 10, altcoins demonstrated greater momentum, which indicates the potential rotation of the sector. In the past, periods of consolidation for BTC and ETH were usually followed by capital flowing into smaller-cap tokens as investors sought greater returns. The dynamics from recent price action suggest that this may already be in effect.
During the two days:
XRP was up by 2.6 percent, as optimism arose over its cross-border payments network. Ripple has continued to find XRP relevant, despite regulatory uncertainty in the U.S., through its ongoing efforts to establish banking relationships in Asia and the Middle East.
Solana (SOL) rose by 3.8% and it is keeping its fantastic recovery narrative. Solana, which was formerly plagued by outages, has reinvented itself as a fast and developer-friendly blockchain. Its increasing DeFi ecosystem and NFT activity have contributed to the restoration of investor confidence.
Dogecoin (DOGE) gained 2.9%, which once again demonstrated that community-based assets remain strong. Despite being dismissed as a meme, Dogecoin remains a distinguished low-cost transaction and a symbol of retail culture participation in crypto.
The Altcoin Season Index, which compares the performance of altcoins to Bitcoin, is now at 62/100, indicating that altcoins are beginning to outperform BTC. This is not an outright alt season yet, but the change in momentum points to an increase in risk appetite among investors.
The interesting aspect is the extent of involvement of various categories. There is the development of payment-oriented tokens (XRP) and superfast smart contract systems (Solana), as well as meme coins (Dogecoin). Such heterogeneity suggests a market-wide appetite for risk-taking, rather than just a single niche rally.
Provided that this trend persists, it may be an early indicator of a larger altcoin boom, and capital will flow through industries. In the eyes of investors, this underscores the need to track the rotation pattern, as altcoins typically deliver disproportionate returns during such periods, albeit with greater downside risks.
Stablecoins: Market Share, Growth and Innovation
While attention is usually focused on Bitcoin, Ethereum, and other emerging stories, such as AI tokens, stablecoins are the quiet titans of crypto. By September 10, 2025, the total market capitalization of stablecoins is expected to be around $300 billion, underscoring their paramount importance as an asset liquidity backbone in the digital asset world. Whereas volatile tokens offer no stability, stablecoins offer the stability demanded by traders, institutions, and even governments.
Two issuers still control the market:
Tether (USDT) -with a valuation of $169 billion, the industry leader, and backed by its open support and application on exchanges and DeFi protocols.
Circle USDC- at $72 billion, with its regulatory-friendly positioning, and well-established institutional relationships.
These two combined have almost 80 percent of the world’s circulation, making them duopolies in the industry.
However, the innovation is changing the scene. The yield-bearing stablecoin Ethena USDE has been gaining momentum, providing investors with an opportunity to acquire a combination of stability and passive income, which USDT and USDC do not offer. These hybrid models are extending the limits of what a stable asset can be and obscuring the distinction between store of value and yield generation.
Outside the crypto markets, stablecoins are also being adopted in cross-border payments, remittances, and tokenized financial systems. The fact that they circumvent conventional banking bottlenecks renders them especially attractive in emerging markets, where fiat currencies often experience devaluation.
But regulatory inspection is increasing. Lawmakers in the U.S. are still deliberating on legislation specific to stablecoins, and international organizations insist on international guidelines to coordinate systemic risks. This presents both a challenge and an opportunity for issuers: compliance may treat stablecoins as a legitimate part of mainstream finance, but it may also add to costs and restrict innovation.
Concisely, stablecoins are already becoming more than trading tools: the silent but consistent key infrastructure of the digital economy-shaping future of money.
Institutional Innovations: Gemini IPO and Nasdaq Tokenization
The institutional crypto adoption made two significant strides this week, with reports of Gemini’s IPO and Nasdaq’s entry into tokenized securities. These trends highlight the growing importance of digital assets in mainstream finance, indicating a shift from speculative hype to structural validity.
Gemini IPO
The initial price of the initial public offering at crypto exchange Gemini has been increased to between 24 and 26 shares, valued at $ 3.08 billion. Nasdaq also invested in the business through a private placement of $50 million to strengthen investor confidence. If it succeeds, the IPO of Gemini will be among the largest public cryptocurrency offerings by a U.S. crypto exchange since the 2021 launch of Coinbase. In contrast to Coinbase, however, Gemini is positioning itself as a regulation-first exchange, to which both institutional and retail investors will be interested in compliance risks.
Nasdaq’s Tokenization Push
Meanwhile, Nasdaq filed with the SEC to roll out a tokenized securities trading platform, which is scheduled to launch in Q3 2026. The relocation highlights a wider trend: Trade institutions are becoming increasingly aware of the potential of blockchain to simplify settlement, reduce expenses, and enhance transparency. Nasdaq positions itself not only as an exchange but also as a frontier in digital market infrastructure by directly entering the tokenization space.
Why This Matters
The combination of IPOs at Gemini and the blockchain goals of the Nasdaq is an indication of a tipping point. Institutional actors are no longer playing at crypto, but are instead integrating it into the financial market. To investors, the integration would result in increased liquidity, enhanced regulation, and, potentially, expanded implementation across the equity (and bond) and real estate tokenization sectors.
Although risks do exist, especially in the area of regulation, these actions underscore the fact that crypto is gradually moving from the fringes of finance to the center of the financial sphere.
Corporate Cryptocurrency Treasury Strategies are under review
As corporate treasuries that have adopted crypto-heavy strategies are under new scrutiny in the aftermath of Bitcoin breaking above $ 110,000, the IQ of these strategies is now being reviewed. September 9 10, 2025: The stock prices of some large digital asset holders declined by 60-70 per cent of their recent highs, reminding us of the dangers of overlinking balance sheets to crypto market movements.
The best-known precedent is the case of MicroStrategy, whose prolific Bitcoin buy strategy throughout the 20202021 cycles made its stock a Bitcoin proxy. Although this strategy is highly lucrative during bull runs, it has been fluctuating, as shares have been up and down in tandem with the price action of BTC. Smaller companies are now adopting this approach, and in many cases, without the same ability to manage risk, which can result in catastrophic losses when markets turn, even marginally.
Investors are raising doubts over whether corporate treasuries should use digital assets as a reserve holding. On the one hand, the possession of Bitcoin or Ethereum can be viewed as a counter to the devaluation of fiat currency, particularly in countries that may experience inflationary pressure. On the other hand, its volatile nature makes it risky for companies that demand a stable and liquid environment in which to operate.
In response to this argument, there has been the emergence of stablecoin-based treasury methods. Some companies are attempting to park surplus cash in stablecoins, such as USDC or USDT, to achieve quicker settlements and higher earnings in DeFi protocols. Although not as volatile as Bitcoin, the practice poses regulatory risks to the regulation and counterparty risks associated with the issuers of stablecoins.
The lesson learned is that crypto in the corporate treasury is a bold move, albeit a two-edged sword. The present round of share price falls associated with crypto holdings is a lesson that what was successful during the bull market can rapidly reverse in times of market stabilization, compelling companies to reconsider the trade-off between innovation and financial soundness.
Regulatory Environment: India
Although a significant portion of the international crypto ecosystem is moving towards greater adoption and institutionalization, India remains hesitant. An early leaked draft of a government policy suggests that Indian regulators are opposing the implementation of a comprehensive crypto-regulatory framework by 2025, citing concerns over systemic risks and potential outflows. Such reluctance has put India at odds with its rapidly growing base of digital asset investors.
According to surveys, nearly 93 percent of Indian crypto investors prefer clear regulations, and 84 percent say that the existing tax rules are unfair. A 30 percent capital gains tax is now levied on crypto transactions in India, and a 1 percent tax is deducted at source (TDS) on each trade, rules that have been greatly criticized for deterring active participation. Nonetheless, the community has not yet fallen behind in terms of crypto adoption, with India continuing to be among the leading markets in the world in terms of retail participation and transaction volume.
The government must be hesitant because it is concerned that widespread crypto use would erode monetary sovereignty and disrupt the traditional banking system. Governments, however, are focusing more on implementing the digital rupee (CBDC) as a controlled alternative to decentralized tokens. Officials say a state-backed digital currency is more innovative, yet less volatile and risky, than Bitcoin, Ethereum, and stablecoins.
Nonetheless, such a conservative approach can leave India behind. The neighboring Asian markets, Singapore and Hong Kong, are preparing to become regional crypto hubs, drawing in investment and talent. By being slow, India risks losing the chance to innovate in blockchain, develop AI tokens, and tokenized finance, which are expected to experience exponential growth.
The tension between bottom-up implementation and top-down resistance captures the global regulatory dilemma: striking a balance between monetary prosperity and innovation. The following steps by India will be decisive, both on its own domestic market and in determining Asia’s position in the emerging crypto economy.
Macroeconomic Drivers: Fed, Liquidity, and Sentiment
Even outside of token-specific narratives, the cryptocurrency market remains tightly interconnected with global macroeconomic forces. The expectations of the U.S. Federal Reserve meeting on September 17 explained a lot of the stability and sentiment in the market between September 10 and 17, 2025. Risk assets, such as Bitcoin and Ethereum, enjoyed an atmosphere of expected monetary easing, with traders pricing in an 82% chance of a quarter-point rate reduction.
In the case of crypto, rate cuts are significant. Increased liquidity, a weaker U.S. dollar, and motivation to invest more capital in higher-risk, higher-yielding investments are expected results of lower interest rates. This relationship has traditionally been driven by bullish activity in digital assets, especially Bitcoin. Analysts, however, caution that a sell-the-news will occur in the market, whereby prices will decline following the actual announcement, as optimism may already be reflected in the market.
Other macro drivers also influenced sentiment:
Inflation Data- As U.S. CPI data are released next week, traders are preparing to read new indicators on price stability. A benign inflation would support a dovish pivot by the Fed, whereas a sudden increase would arouse fears of stagflation again.
Liquidity Flows. In developing economies, local fiat currency devaluations are driving an increasing number of investors to stablecoins and Bitcoin as hedges. This international liquidity cycle continues to supply a constant flow to crypto.
Equities and ETFs – High inflows into U.S.-traded Bitcoin ETFs are another indication of how traditional investors are utilizing regulated instruments to achieve exposure without direct ownership of tokens.
Concisely, the macroeconomic forces will continue to serve as a potent backdrop to the crypto markets. Although the stories of AI tokens and altcoin rallies are on the front page, the policies of the Fed and the global liquidity situation remain the key. This is because in September, the meeting of monetary policy and crypto can define the process of consolidating digital assets or a renewed upsurge.
Risks & Challenges: Hype, Overvaluation & Data Ahead
Although there is optimism among Bitcoin, Ethereum, and emerging trends such as AI tokens, the crypto market has an extensive list of risks that may challenge investor faith in the coming weeks.
Overvaluation is one of the most evident risks. Numerous AI-associated tokens, including those, have shot up rapidly in a brief span, and valuation has repeatedly exceeded practical implementation. Although the AI + blockchain narrative is promising, the majority of projects are still in their initial stages. Should interest on the part of investors wane or be slower to adopt than anticipated, these tokens may experience some harsh corrections, similar to many NFT projects that followed the 2021 boom.
The other issue is macro-based volatility. Markets are already in a bullish position as the Federal Reserve is expected to reduce the rates. This puts the risk of a sell-the-news reaction should the Fed sound less dovish than anticipated or should there be a surprise on the upside of the incoming inflation data. This would trigger short-run selloffs in risky assets, including crypto.
There is also the uncertainty of regulations. India’s unwillingness to propose an explicit framework and the ongoing discussions in the U.S. regarding stablecoin legislation are sources of uncertainty for investors. Momentum will be suppressed by any abrupt enforcement measures, including steps to impose additional restrictions on stablecoins or decentralized finance (DeFi) protocols.
Corporately, the use of crypto-intensive treasury positions presents risks to businesses, as well as the general investor mood. The recent plunges in stock prices associated with companies holding substantial Bitcoin holdings underscore the speed at which trust can falter in the event of a crypto price inversion.
Lastly, the market must contend with liquidity fragility. With institutional flows and Bitcoin ETFs supporting the move, altcoin liquidity remains thin. This heightens the chances of steep intraday moves especially in smaller-cap assets.
To the point, the crypto market is maturing, but it is not a hype cycle; regulatory changes and macroeconomic surprises are not proof. Avoiding these risks will be crucial for investors to pursue sustainable returns.
Market Prospects: What Is 2021 Holding in Store with Crypto?
By the middle of September 2025, the crypto market will be at a crossroads, both in terms of offering stability in its major assets and in its booming sector development. Bitcoin and Ethereum remain points of assurance for trading in reasonably limited bands, still holding at historically high levels. Their strength indicates institutional adoption, and the inflows of ETFs have tamed the severe volatility that characterized the space.
In the future, the next stage of development may be influenced by several opportunities. The merging of AI and blockchain has already produced one of the most potent stories of the year, driving the trend of tokens such as Worldcoin, Render, and SingularityNET. Provided that these projects overcome hype and prove useful in the real world, the sector may become a driver of long-term growth, similar to DeFi in 2020 or NFTs in 2021.
In the meantime, stablecoins are becoming a necessity in the digital economy. They support liquidity, cross-border payments, and tokenized financial systems, with circulation approaching $300 billion. Courtesy of innovation in yield-bearing stablecoins, widespread adoption may be further advanced, particularly in areas with unstable fiat.
The institutional moves are also oriented towards mainstream integration. The IPO of Gemini and tokenization attempts by Nasdaq are major milestones in the process of bridging crypto and traditional finance. With the successful launch of these milestones, new liquidity channels become available, and an additional degree of legitimacy is introduced to the sector.
Yet, risks remain. A possible sell-the-news effect on the rate decision by the Fed, coupled with the uncertainty surrounding regulation in key markets such as India, may slow the short-term momentum. The popularity of altcoins is strong, though they can be easily shaken by liquidity shocks in case the mood of investors changes.
In general, the future of crypto is measured optimistically. The market has ceased to be speculative; it is now morphing into a multifaceted ecosystem where innovation, regulation, and macroeconomics all interrelate. The next few months will give an indication of whether 2025 will be a year of continuous growth or another consolidation year.
Conclusion
The last two days (September 9-10, 2025) summarize the two-sided nature of the crypto market: a stabilizing financial asset category and a speculative frontier of innovation. Bitcoin and Ethereum are relatively stable, and altcoins, AI tokens, and stablecoins push the limits of growth. The legitimacy is strengthened through institutional adoption by Gemini and Nasdaq, despite the regulation being reserved by regulators such as those in India.
It is in this respect that crypto stands at a crossroads: no longer an outsider to the world of global finance, it is not exempt from the volatility and policy risks. The next several weeks may determine whether the industry becomes a major asset class or continues to be characterized by its boom-and-bust cycles.