As the Christmas holiday approaches, the market is somewhat looking forward to the Santa Claus rally. Looking ahead to the market outlook for the first quarter of 2025, Coinbase maintains an optimistic attitude and expects significant catalysts may emerge in both the U.S. and international markets to drive further market development.
Regarding the U.S. market, potential changes in the regulatory environment are worth noting. It is anticipated that regulators may revisit the creation and redemption mechanisms of ETFs, shifting from the current form to one that supports physical assets. This could significantly improve market liquidity and the flow of funds, having a profound impact on overall market performance.
In previous reports, there have been some market speculations suggesting that after Trump officially takes office next year and the new SEC chairman is appointed, it may open the door for staking in Ethereum ETFs. Since the launch of the spot Ethereum ETF, past inflows have clearly fallen short of market expectations. If staking is allowed for spot Ethereum ETFs next year, then Ethereum's price should be positively impacted.
