Galaxy Research released a forecast report for 2025, covering Bitcoin and Ethereum prices, DOGE, stablecoins, DeFi, L2s, policies, VC, and more. The specifics are as follows: - BTC will break $150,000 in the first half of the year and test or reach $185,000 in Q4 of 2025. - ETH's trading price will exceed $5,500. - The assets under management of the US spot Bitcoin ETP will surpass $250 billion. - Bitcoin will once again become one of the best-performing assets globally on a risk-adjusted basis. - At least one top wealth management platform will announce a recommendation of 2% or more Bitcoin allocation. - Five companies in the NASDAQ 100 index and five nation-states will announce plans to add Bitcoin to their balance sheets or sovereign wealth funds. - Bitcoin developers will reach consensus on the next protocol upgrade. - More than half of the top 20 publicly traded Bitcoin miners by market capitalization will announce transformations or partnerships with hyperscale providers, AI, or high-performance computing companies. - Bitcoin DeFi (defined as the total amount of BTC locked in DeFi smart contracts and deposited in staking protocols) will nearly double by 2025. - The Ethereum staking rate will exceed 50%. - The ETH/BTC ratio will be below 0.03 but above 0.06 by the end of the year. - L2 collectively will generate more economic activity than Alt L1. - As on-chain applications allocate at least $1 billion in nominal value to users and token holders from vaults and revenue sharing, DeFi will enter a 'dividend era.' - On-chain governance will see a revival, and applications will experiment with future governance models. - The four major custodial banks globally will custody digital assets. - There will be at least ten stablecoins supported by TradFi partners launched. - The total supply of stablecoins will double, exceeding $400 billion. - Tether’s long-standing market dominance will fall below 50%, challenged by alternatives such as Blackrock's BUIDL, Ethena's USDe, and even Coinbase/Circle's USDC rewards. - The total amount of crypto venture capital will exceed $150 billion, growing by over 50% year-on-year. - Stablecoin legislation will pass both houses of Congress and be signed by President Trump in 2025, but market structure legislation will not. - The US government will not purchase Bitcoin but will establish reserves using Bitcoin it already holds, with actions taken within departments and agencies to explore expanding Bitcoin reserve policies. - The US Securities and Exchange Commission will investigate the first so-called 'special purpose broker-dealer' Prometheum. - Dogecoin will eventually reach $1, with a market cap of $100 billion.

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