#2025有哪些关键叙事？
Macroeconomics and Regulation
- Bitcoin Reserve Competition: G7 or BRICS countries may establish strategic Bitcoin reserves, and the United States also has related plans, which will further consolidate Bitcoin's status as a global reserve asset, changing the dynamics of international finance and having a profound impact on economic and geopolitical power structures.
- Changes in Regulatory Environment: The replacement of the chair of the US regulatory agency may bring a more collaborative regulatory framework that promotes innovation rather than suppressing it. At the same time, the US will experience a significant increase in token issuance, allowing startups to issue tokens. Other countries may also introduce more clear cryptocurrency regulations to provide a clearer and more stable institutional environment for industry development.
Market and Finance
- Stablecoin Expansion: The total market value of stablecoins is expected to accelerate growth by 2025, potentially doubling to over $400 billion. Its application scenarios are also continuously expanding, expected to become the circulation intermediary and value anchor of the on-chain economy, stimulating the development of DeFi.
- ETF Development: The success of Bitcoin spot ETF will serve as a springboard for the debut of Ethereum ETF. In 2025, Ethereum ETF will introduce staking for the first time. Additionally, a weighted cryptocurrency index ETF may also be launched, providing diversified exposure to the broader crypto market.
- Market Size Growth: With capital flowing into the sector and an expanding user base, the overall market value of cryptocurrencies is expected to reach an all-time high, likely exceeding $8 trillion.
