The prediction for 2025 is that it will be the brightest year for the crypto market, with Bitcoin (BTC) and Ethereum (ETH) breaking record highs, along with other notable positive developments, according to Steno Research's report.
Steno Research predicts that BTC and ETH prices will surpass $150,000 and $8,000, respectively. Analysts are also becoming increasingly optimistic about the upcoming altcoin season, according to the December research report.
The bullish forecasts for BTC and ETH reflect 'an extremely favorable regulatory environment for cryptocurrencies, supportive macroeconomic conditions with declining interest rates and improved liquidity, along with strong performance following the Bitcoin halving event,' the report states.
Furthermore, institutional adoption is expected to reach unprecedented levels, bolstered by significant capital flows into Bitcoin and Ethereum ETF funds in the U.S. Steno predicts that BTC and ETH ETF funds will have net capital inflows of $48 billion and $28.5 billion, respectively, by 2025.
Source: Steno Research
Altcoin season
Ether is expected to perform exceptionally well in 2025, significantly outperforming Bitcoin, Steno says. In 2025, Steno forecasts the ETH/BTC ratio will reach 'at least 0.06'. This is nearly double the current level of about 0.035, according to TradingView.
This will open up a broader altcoin season — also known as 'altcoin season' — in 2025, with Bitcoin dominance decreasing from the current level of nearly 57% to about 45%, according to the report.
Bitcoin dominance measures the percentage of BTC in the total crypto market capitalization.
Steno's forecast is partly based on the argument that Donald Trump's victory in the U.S. presidential election will benefit altcoins more than Bitcoin.
Trump's presidency is expected to encourage stronger on-chain activity, which significantly benefits altcoins like Ethereum and Solana, according to Steno.
The total value locked (TVL) in decentralized applications is expected to exceed $300 billion by 2025, far surpassing the approximately $180 billion peak of 2021, according to the report.
The total value locked in DeFi protocols is expected to reach $300 billion | Source: Steno Research
Growth during Trump
Other institutions, including asset manager Grayscale, also express similar optimism. In December, Grayscale added several DeFi applications, including two applications on Solana, to its list of the top 20 tokens to watch in the first quarter of 2025.
Grayscale cites the favorable policy environment in the U.S. as a key factor. Trump has promised to appoint industry-friendly leaders to key regulatory agencies and make the U.S. the 'crypto capital of the world.'
'In the U.S., with Trump's victory, I am extremely optimistic about the U.S. becoming the global leader in this field by the end of the year,' said Raj Brahmbhatt, CEO of Web3 payment company Zeebu, in December.
https://tapchibitcoin.io/2025-se-la-nam-ruc-ro-nhat-cua-crypto-steno-research.html