#Marvin #2025加密趋势预测 #GMT热度飙升 #BTC上攻11万？ The following is a forecast of crypto trends in 2025:

Macroeconomic background and regulation

• Macroeconomic impact: The current macroeconomic background may continue to support high-risk transactions in the first quarter of 2025. The outlook thereafter depends on Trump's economic policies and stock market fluctuations. Increased policy uncertainty and stock volatility may make the macroeconomic environment unfavorable.

• Changes in the regulatory environment: With Trump taking office, regulation is expected to shift from execution-oriented to legislation-oriented. The industry generally expects that regulation will be more relaxed, which will help reduce barriers and promote the wider adoption of cryptocurrencies.

Market and capital flow

• Spot ETFs continue to attract funds: In 2025, the inflow of funds to cryptocurrency spot ETFs was strong. Since the listing of Bitcoin spot ETF in January 2024 and Ethereum spot ETF in July, it has attracted a lot of funds, which will continue to drive the growth of cryptocurrencies.

• Rising Portfolio Share: Bitcoin and other cryptocurrencies are gradually gaining ground in multi-asset portfolios, but due to their high risk and high volatility, the allocation ratio needs to be cautious. Citi analysts believe that their rate of return needs to be higher than the expected rate of return of stocks in order to occupy a certain proportion in the portfolio.

• Bitcoin DeFi Ecosystem Development: With the help of the second-layer network, the Bitcoin decentralized financial ecosystem will grow rapidly, and more Bitcoin will be locked for financial activities. Its total locked value is expected to exceed the current scale, consolidating Bitcoin's position in the decentralized financial field.

• Crypto ETF Product Expansion: Crypto ETF products will be expanded to tracks such as Ethereum staking and Solana, providing investors with more options to meet their demand for cryptocurrency investment.

Industry Development and Integration

• Strategic Bitcoin Reserve Establishment: A major country in the G7 or BRICS may establish a strategic Bitcoin reserve. If realized, it will consolidate Bitcoin's position as a global reserve asset and reshape the international financial landscape.

• Venture Capital and Market Integration: Venture capital in the crypto field will recover in 2025, and the total financing amount for the whole year may exceed US$18 billion, and the financing amount for several quarters will exceed US$5 billion. At the same time, the number of mergers and acquisitions and IPOs is expected to surge, and the entry of traditional financial institutions will promote industry integration.