Currency.com, a global digital finance provider, has published a new industry report, Crypto’s Stress Test: How October 2025 Redefined Market Maturity, offering a clear look at how the notorious sell-off of October 2025 reshaped market behaviour — and what those changes mean for the year ahead. 

Featuring fresh insights from leaders across the ecosystem — including the TON Foundation, Nickel Digital and Zodia Markets — the report focuses on a simple but urgent question. Who in the crypto market is truly built for the next wave of volatility, and who isn’t? 

According to Currency.com, understanding this divide is critical, because many of the pressures that triggered the October downturn are still visible as we come to the year-end and will continue to be visible in 2026, as well.

Among the key findings, the report shows that the crash exposed deep structural weaknesses like liquidity fragmentation, but also highlighted real progress. Even during massive liquidation spikes, major venues stayed operational — a clear sign of how far the industry has come since 2022. 

Institutional participants remained active throughout the turbulence, relying on well-tested hedging and risk frameworks. Many of them, the report notes, may become the driving force behind the next recovery wave once macro conditions settle.

Retail behavior also shifted in ways that continue to shape the market today. Users moved toward self-custody, pushing DEX volumes to new records. Stablecoins effectively became the market’s liquidity backbone — a pattern that will certainly remain prominent in the upcoming year. 

Looking forward, the representatives from all companies that offered expert comments for the report agree on one thing: the next phase of crypto’s evolution will be defined by resilience, transparency and smarter risk management. Institutional-grade infrastructure, clearer stablecoin regulation, and stronger on-chain liquidity rails are expected to play decisive roles in how the market absorbs future shocks. 

“The October crash wasn’t just a stress event — it was a turning point,” said Konstantin Anissimov, Global CEO of Currency.com. “It showed that crypto can bend without breaking, and that the firms built on strong governance and client trust will lead the next stage of growth.”