1. Bitcoin will break $150,000 in the first half of the year and will test or reach $185,000 in the fourth quarter of 2025.
2. By 2025, the assets under management of U.S. spot Bitcoin ETPs will exceed $250 billion.
3. In 2025, Bitcoin will once again be one of the best-performing assets globally on a risk-adjusted basis.
4. At least one top wealth management platform will announce a recommendation for a 2% or higher allocation to Bitcoin.
5. Five Nasdaq 100 index companies and five nation-states will announce the addition of Bitcoin to their balance sheets or sovereign wealth funds.
6. Bitcoin developers will reach consensus on the next protocol upgrade by 2025.
7. By market capitalization, more than half of the top 20 publicly traded Bitcoin miners will announce transformations or partnerships with hyperscale providers and artificial intelligence.
8. Energy or high-performance computing companies will establish partnerships.
9. Bitcoin DeFi (defined as the total amount of BTC locked in DeFi smart contracts and deposited in staking protocols) will nearly double by 2025.
10. The trading price of Ether will exceed $5,500 in 2025.
11. The Ethereum staking rate will exceed 50%.
12. In 2025, the ETH/BTC ratio will be below 0.03 but will rise above 0.06 by the end of the year.
13. In 2025, L2 as a collective will generate more economic activity than Alt L1.
14. As on-chain applications distribute at least $1 billion in nominal value from treasury and profit-sharing to users and token holders, DeFi will enter the 'Dividend Era'.
15. On-chain governance will see a revival, with applications experimenting with future governance models.
16. By 2025, the world's four major custodial banks will hold digital assets.
17. At least ten stablecoins supported by TradFi partners will be launched.
18. By 2025, the total supply of stablecoins will double, exceeding $400 billion.
19. Tether's long-standing market dominance will fall below 50%, challenged by alternatives like Blackrock's BUIDL, Ethena's USDe, and even Coinbase/Circle's USDC rewards.
20. The total amount of crypto venture capital will exceed $150 billion, with a year-on-year growth of over 50%.
21. Stablecoin legislation will pass both chambers of Congress and be signed by President Trump in 2025, but market structure legislation will not.
22. The U.S. government will not purchase Bitcoin in 2025 but will use its existing Bitcoin holdings to establish reserves, with departments and agencies taking actions to research expanding Bitcoin reserve policies.
23. The U.S. Securities and Exchange Commission will investigate the first so-called 'special purpose broker-dealer' Prometheum.
24. Dogecoin will eventually reach $1, with the market capitalization of the world's largest and oldest memecoin reaching $100 billion.
