Southeast Asia's crypto market appeared to underperform compared to other major regions last year. While global markets witnessed significant recovery and institutional adoption across developed markets and emerging hubs, the Southeast Asian ecosystem faced distinct headwinds. The region's trading volumes, project launches, and ecosystem activity seemed to lag behind expectations. Analysts point to regulatory uncertainty, slower institutional uptake, and competition from other Asia-Pacific centers as potential factors. Whether this trend reverses in the current cycle remains worth monitoring, especially as local exchanges and Web3 projects continue developing regional infrastructure.