Digital asset and blockchain company Galaxy Research, led by head of research Alex Thorn, has released a forecast for 2025, predicting significant price movements and regulatory changes across major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
According to Galaxy Research, Bitcoin is poised to exceed $150,000 in the first half of 2025 and may reach or surpass $185,000 by the end of the year. This bullish outlook is underpinned by a combination of increasing institutional, corporate, and nation-state adoption.
Historically, Bitcoin has outperformed traditional asset classes, including the S&P 500 and gold, and this trend is expected to continue as it captures approximately 20% of gold’s market capitalization.
The report notes that US spot Bitcoin exchange-traded products (ETPs) are anticipated to surpass $250 billion in assets under management (AUM) by 2025.
With over $36 billion in net inflows recorded in 2024, these ETPs have become the most successful launch cohort in history, attracting investments from major hedge funds and institutional players.
As Bitcoin solidifies its position as a leading asset, Galaxy Research forecasts that at least one prominent wealth management platform will recommend a Bitcoin allocation of 2% or more. This shift is expected to further drive inflows into Bitcoin ETPs, increasing their AUM.
The report also highlights the likelihood of reaching consensus on significant protocol upgrades among Bitcoin developers, which has historically been difficult to achieve, and is expected to include enhancements that improve transaction programmability.
Ethereum is projected to trade above $5,500 in 2025, driven by easing regulatory constraints on decentralized finance (DeFi) and increased institutional interest.
Galaxy Research anticipates that Ethereum staking rates will surpass 50%, with the possibility of spot-based ETH exchange-traded funds being allowed to stake a portion of the ETH they hold.
The decentralized finance (DeFi) market on Bitcoin is also expected to grow significantly. The amount of Bitcoin locked in DeFi smart contracts could nearly double in 2025, according to the firm.
The report also predicts that Dogecoin will reach a market cap of $100 billion, potentially crossing the $1 mark amidst broader market dynamics, including institutional adoption and new regulatory frameworks that may influence the future of meme-based cryptocurrencies.
In the regulatory arena, Galaxy Research anticipates that bipartisan legislation governing stablecoin issuance will be enacted by the end of 2025, providing a clear framework for issuers.
At present, BTC is trading at $94,648, showing a 1% loss in the last 24 hours. Ethereum, conversely, is priced at $3,359, reflecting a 1% increase over the same period. Dogecoin is priced at $0.314, experiencing minimal gains of only 0.5% during this timeframe.
Featured image from DALL-E, chart from, TradingView.com
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