Golden Finance reports that Citigroup analyst Alex Saunders pointed out six key factors that will help determine cryptocurrency prices in 2025 in a report last Friday, including ETF activity, regulation, and the future of stablecoins; supportive macro background. The analyst stated that they expect the current macro environment to continue supporting high-risk trading in the first quarter of next year, but warned that the outlook thereafter is less certain. They noted that the outlook could change depending on Trump's economic policies and stock market fluctuations. Continued capital inflow into spot ETFs. The analyst expects strong capital inflows into cryptocurrency spot ETFs in their first year of listing to continue through 2025, providing further momentum for price growth. Portfolio allocation of cryptocurrencies. Portfolio allocation will also be key to the future returns of cryptocurrencies. The analyst noted that during this year's rebound, Bitcoin added value to multi-asset portfolios. Nevertheless, it remains a highly volatile and risky asset, with a risk to the total portfolio reaching 10% or more when the allocation exceeds 3%. Stablecoin issuance. The analyst stated that the continued issuance of stablecoins has been boosted since Trump's election, which will help create a healthier cryptocurrency market. Higher adoption rates. The analyst noted that the most important theme to track for cryptocurrencies is the adoption rate. Regulatory relaxation. Finally, the analyst stated that with Trump's inauguration, regulation will be a major theme next year. The incoming U.S. president has appointed several candidates who support cryptocurrencies to his cabinet. Their policies are unclear, but the industry generally expects regulation to be more lenient, which could drive broader adoption.

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