Financial services and investment management company Galaxy summarized the important progress in the cryptocurrency field in 2024 yesterday (31) and also launched a series of predictions for the cryptocurrency industry in 2025. This article will bring readers the complete content of Galaxy's predictions. (Background: Grayscale report: The top 20 cryptocurrencies to watch in Q1 2025, with a focus on DeFi, AI Agents, and the Solana ecosystem) (Context: Year-end forecast: 4 trends and 11 opportunities for 2025) 2025 officially kicks off today (1), and financial services and investment management company Galaxy summarized the important progress in the cryptocurrency field in 2024 earlier while also launching a series of predictions for the cryptocurrency industry in 2025. This article will bring readers the complete content of Galaxy's predictions. Bitcoin 1. Bitcoin will break $150,000 in the first half of 2025 and test or reach $185,000 in Q4: Since its inception, Bitcoin's growth rate has exceeded that of all other asset classes, especially the S&P 500 index and gold, and this trend will continue in 2025. 2. By 2025, the asset management scale of the US spot Bitcoin ETF will exceed $250 billion: According to US 13F filings, many hedge funds around the world have purchased Bitcoin spot ETFs, and in just one year, the scale of Bitcoin spot ETFs is only 19% away from surpassing the asset scale of US physical gold ETFs. 3. In 2025, Bitcoin will once again become one of the best-performing assets globally, adjusted for risk. 4. At least one top wealth management platform will announce an allocation of 2% or more in Bitcoin: For various reasons, including internal requirements and compliance factors, no large wealth management company has officially added Bitcoin to their portfolio models, but this situation will change in 2025 and will drive the continued growth of Bitcoin spot ETF scale. 5. Five companies from the Nasdaq 100 index and five nation-states will announce that they have added Bitcoin to their balance sheets or sovereign wealth funds: Whether for strategic reasons, portfolio diversification needs, or trade settlement, Bitcoin will begin to occupy a place on the balance sheets of major corporations and sovereign allocators. The competition among nation-states, especially non-aligned countries with large sovereign wealth funds, and even adversarial countries to the United States, will drive their adoption of Bitcoin reserve strategies. 6. Bitcoin developers will reach consensus on the next protocol upgrade in 2025: As of December 2024, the two most popular pending opcodes for Bitcoin include OP_CTV (BIP119) and OP_CAT (BIP347), and since the birth of Bitcoin, reaching consensus on soft forks has always been a time-consuming and rare feat, but consensus will be reached in 2025. 7. More than half of the top 20 publicly traded Bitcoin mining companies by market cap will announce a transformation into super-scale enterprises, artificial intelligence (AI), or high-performance computing companies, or establish partnerships with related companies. 8. BTC DeFi will double by 2025: The current value of the Bitcoin DeFi market is approximately $15.4 billion and is expected to see significant expansion by 2025, with specific growth drivers including: cbBTC supply increasing by 150% annually, WBTC supply growing by 30%, Babylon TVL reaching $8 billion, and new Bitcoin Layer 2 networks achieving $4 billion in DeFi TVL. Ethereum 9. By 2025, the price of ETH will exceed $5,500: In the new regulatory environment, traditional capital markets will seriously attempt to engage with public chains like Ethereum, and ETH will capture the largest adoption share during market growth. 10. Ethereum staking rate will exceed 50%: The Trump administration may provide clearer regulations and guidance for the US crypto industry, and the demand for staking will continue to rise, potentially surpassing half of Ethereum's circulating supply by the end of 2025. 11. By 2025, the ETH/BTC exchange rate will be one of the most watched focuses in the overall cryptocurrency market. 12. Layer 2 networks as a whole will generate more economic activity than all L1 blockchains combined. DeFi 13. DeFi will enter a golden era, with on-chain applications sharing at least $1 billion in funds with users and token holders through treasury funds and revenues: As regulations become clearer, the value sharing of on-chain applications will expand. For example, applications like Ethena and Aave have already proposed relevant initiatives. 14. On-chain governance will be revitalized, with applications attempting to innovate governance models: On-chain governance has historically faced two major issues: 1) lack of participation; 2) lack of diversity in decision-making. However, the recent success of Polymarket indicates that these issues will improve in 2025. Banking and Stablecoins 15. The world's four major custodian banks will connect digital asset custody services in 2025. 16. With the support of traditional financial (TradFi) partners, at least 10 new stablecoins will continue to be launched: From 2021 to 2024, the stablecoin market has experienced rapid growth, currently reaching a total of 202 projects, including those closely related to traditional finance. Looking ahead, as regulations become clearer, traditional financial participants are expected to integrate stablecoins into their operations to maintain their competitive edge. 17. In 2025, the total supply of stablecoins will double, exceeding $400 billion: Increasingly clear regulations for existing stablecoin issuers and traditional banks, trust companies, and deposit institutions will lead to explosive growth in stablecoins. 18. Tether's dominance will drop below 50%: Affected by various stablecoins, such as BlackRock's BYIDL and Ethena's USDe, Tether's market share will be encroached upon. At the same time, USDC's rewards for users will also become a significant weapon, driving its market share expansion. Investment and Policy 19. Total investment in the cryptocurrency field will exceed $150 billion, a 50% increase from the same period last year: Given falling interest rates and increased regulatory transparency, venture capital activity will surge. 20. Stablecoin legislation will be passed in both houses of Congress and signed into effect by President Trump. 21. The US government will not purchase Bitcoin in 2025, but will establish a treasury for the Bitcoin it already holds and gradually promote a Bitcoin reserve strategy. 22. The US Securities and Exchange Commission (SEC) will investigate Prometheum: Prometheum is the first so-called special purpose broker-dealer, and Gary Gensler's views on the status of digital asset securities raised attention in 2023, especially when this little-known company received...

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