PANews reported on December 28 that Galaxy Research released a 2025 forecast report covering Bitcoin and Ethereum prices, DOGE, stablecoins, DeFi, L2s, policies, VC, etc. The details are as follows:

  1. Bitcoin will break through $150,000 in the first half of the year and test or reach $185,000 in the fourth quarter of 2025.
  2. By 2025, the asset management scale of US spot Bitcoin ETP will exceed US$250 billion.
  3. In 2025, Bitcoin will once again be one of the best risk-adjusted performing assets in the world.
  4. At least one top wealth management platform will announce a recommended Bitcoin allocation of 2% or more.
  5. Five Nasdaq 100 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 in 2025.
  7. More than half of the top 20 publicly traded Bitcoin miners by market value will announce transitions or partnerships with hyperscale providers, AI or high-performance computing companies.
  8. Bitcoin DeFi (defined as the total amount of BTC locked in DeFi smart contracts and deposited in staking protocols) will nearly double by 2025.
  9. Ethereum will be traded at over $5,500 in 2025.
  10. Ethereum staking rate will exceed 50%.
  11. In 2025, the ETH/BTC ratio will be below 0.03, but will be above 0.06 by the end of the year.
  12. In 2025, L2 as a collective will generate more economic activity than Alt L1.
  13. DeFi will enter the “dividend era” as on-chain applications distribute at least $1 billion in notional value to users and token holders from treasuries and revenue sharing.
  14. On-chain governance will see a resurgence, and applications will experiment with future governance models.
  15. By 2025, the world's four largest custodian banks will be custodians of digital assets.
  16. There will be at least ten stablecoins launched that will be backed by TradFi partners.
  17. By 2025, the total supply of stablecoins will double to over $400 billion.
  18. Tether’s long-held market dominance will fall below 50%, challenged by yield alternatives like Blackrock’s BUIDL, Ethena’s USD e, and even Coinbase/Circle’s USDC rewards payments.
  19. Total crypto venture capital will exceed $150 billion, an increase of more than 50% year-over-year.
  20. Stablecoin legislation will pass both houses of Congress and be signed by President Trump in 2025, but market structure legislation will not.
  21. The U.S. government will not purchase Bitcoin in 2025, but will use the Bitcoin it already holds to build reserves, and various departments and agencies will also take action to study expanding Bitcoin reserve policies.
  22. The U.S. Securities and Exchange Commission is set to launch an investigation into the first so-called “special purpose broker-dealer,” Prometheum.
  23. Dogecoin will eventually reach $1, and the market cap of the world's largest and oldest memecoin will reach $100 billion.