Steno Research's latest report reveals an optimistic outlook for the cryptocurrency market. Firstly, the report indicates that the prices of BTC and ETH are bullish, thanks to an unprecedented favorable regulatory environment and improved macroeconomic conditions, such as falling interest rates and increased liquidity. Additionally, the historically strong performance following Bitcoin's halving also supports the price increase.

Secondly, the participation of institutional investors is expected to reach new highs, with significant capital inflows into BTC and ETH ETFs in the U.S. further driving this trend. Steno predicts that by 2025, the net inflows for BTC and ETH ETFs will reach $48 billion and $28.5 billion, respectively.

Finally, the total locked value (TVL) of decentralized applications (DApps) is expected to exceed $300 billion, far surpassing the peak in 2021. This growth reflects the market's continued confidence in and enthusiasm for blockchain technology.