1. Bitcoin will break $150,000 in the first half of the year and will test or reach $185,000 in the fourth quarter of 2025.

2. By 2025, the assets under management of U.S. spot Bitcoin ETPs will exceed $250 billion.

3. In 2025, Bitcoin will once again be one of the best-performing assets globally on a risk-adjusted basis.

4. At least one top-tier wealth management platform will announce a recommendation for a Bitcoin allocation of 2% or higher.

5. Five companies from the Nasdaq 100 index and five nation-states will announce adding 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 capitalization will announce a transformation or partnership with hyperscale providers, artificial intelligence, or high-performance computing companies.

8. Partnerships will be established with high-performance computing companies.

9. Bitcoin DeFi (defined as the total amount of BTC locked in DeFi smart contracts and deposited in staking protocols) will nearly double by 2025.

10. The trading price of Ether will exceed $5,500 in 2025.

11. The Ethereum staking rate will exceed 50%.

12. The ETH/BTC ratio in 2025 will be below 0.03 but will be above 0.06 by the end of the year.

13. In 2025, Layer 2 as a collective will generate more economic activity than Alt Layer 1.

14. As on-chain applications distribute at least $1 billion in nominal value from treasury and revenue sharing to users and token holders, DeFi will enter the 'Dividend Era.'

15. On-chain governance will revive, and applications will experiment with future governance models.

16. By 2025, the world's four largest custodial banks will custody digital assets.

17. There will be at least ten stablecoins launched, supported by TradFi partners.

18. By 2025, the total supply of stablecoins will double, exceeding $400 billion.

19. Tether's long-standing market dominance will fall below 50%, challenged by yield alternatives from Blackrock's BUIDL, Ethena's USDe, and even Coinbase/Circle's USDC rewards.

20. The total amount of venture capital in crypto will exceed $150 billion, growing by more than 50% year-on-year.

21. Stablecoin legislation will pass both houses of Congress and be signed by President Trump in 2025, but market structure legislation will not.

22. The U.S. government will not purchase Bitcoin in 2025 but will use Bitcoin already held to establish reserves, with departments and agencies also taking action to study expanding Bitcoin reserve policies.

23. The U.S. Securities and Exchange Commission will investigate the first so-called 'special purpose broker-dealer' Prometheum.

24. Dogecoin will eventually reach $1, with the market capitalization of the world's largest and oldest memecoin reaching $100 billion.

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