The crypto business witnessed a powerful first half of 2025, with Bitcoin main the cost because of bettering regulatory circumstances, rising ETF participation, and aggressive accumulation by massive establishments.
Sponsored by KCEX alternate, the newest State of Crypto Q2 2025 report by 99Bitcoins exhibits that the quarter-to-date good points of most U.S. indices remained beneath 15%, with solely the S&P 500 IT index rising 18.4%.
Compared, the crypto market outperformed all of them, delivering spectacular returns of 21.72%.
This was additionally among the best quarters for the stablecoin market. Complete stablecoin transactions crossed the $35T mark, with the variety of lively distinctive addresses reaching 265M.
$USDT commanded a 68.77% share of all stablecoin transactions, whereas Circle’s $USDC adopted with 30.83%.
Circle’s IPO was an enormous hit, too, with its inventory worth hovering 168% on simply the primary day of buying and selling. This exhibits that buyers have an enormous urge for food for publicity to the stablecoin sector, even when by way of oblique routes.
Learn on as we unpack extra crypto market tendencies, analyze Bitcoin’s (and Ethereum’s) efficiency during the last 4 months, and discover what may lie forward for the remainder of 2025.
Bitcoin within the First Half of 2025
Bitcoin was a story of two quarters through the first half of 2025. The primary quarter noticed a pointy 30% correction within the ‘digital gold,’ with costs falling to a low of $74.5K amid macroeconomic pressures similar to the worldwide commerce conflict.
The second quarter, nonetheless, marked a string reversal, with $BTC surpassing its earlier all-time excessive of $109K. On the time of writing, Bitcoin is buying and selling simply shy of $120K, having fashioned a contemporary lifetime excessive of $118,845.
In distinction to earlier bull runs, retail curiosity remained comparatively muted in Q2. As an alternative, institutional shopping for stepped in.
As of Might 27, publicly traded corporations had borrowed round $2.1B to amass Bitcoin, and companies now maintain over 5% of the whole Bitcoin provide.
Robust ETF Inflows
Bitcoin ETF exercise additionally noticed a big rise. Complete Property Underneath Administration (AUM) now characterize round 6.35% of Bitcoin’s market cap.
Chris Wright, World Head of Advertising at 21Shares, initiatives a really chunky 50% improve in inflows in 2025 in comparison with final yr, reaching roughly $55B.
If this development continues, complete AUM might hit $200B by the top of the yr, up from present ranges of $110B.
Apparently, alternate influx volumes declined through the second quarter, indicating that Bitcoin buyers are opting to HODL.
The whole provide held by long-term buyers rose from 14.05M to over 14.65M, signaling conviction-driven accumulation.
Even within the derivatives market, lengthy positions considerably outnumbered shorts. Plus, the variety of crypto addresses holding over 1M Bitcoin elevated to 160,822 in June, up from 124,663 in mid-March.
All indicators level in a single course – the market overwhelmingly believes Bitcoin’s upward trajectory will proceed within the foreseeable future.
Method Forward for Bitcoin
99Bitcoins had predicted a 70% probability of a bullish situation taking part in out for Bitcoin within the coming months. And thus far, that forecast has confirmed correct.
The report accurately famous that after $BTC broke previous the $103K degree, it could doubtless surge in the direction of its first main goal of $120K, a key psychological resistance.
In line with 99Bitcoins, if ETF tailwinds and rising regulatory readability persist, $BTC could possibly be propelled even additional, with $135K as the following upside goal.
Daniel Polotsky, Co-Founding father of CoinFlip, strongly believes that Bitcoin will finish nicely above $100K by year-end.
Nonetheless, given escalating international tensions and the renewed menace of a tariff conflict, buyers ought to nonetheless be conscious of a doable bearish flip.
If the asset fails to carry above the $120K mark and drops again beneath $103K, it might revisit $98K, and probably even $89K, for a contemporary liquidity sweep.
Ethereum Stats from Q2
Ethereum moved in correlation with Bitcoin through the second quarter, with the coefficient ranging between 0.48 to 0.98. This implies $ETH largely mirrored $BTC’s actions throughout this era.
Just like Bitcoin, Ethereum additionally dropped practically 60% from its all-time excessive through the first quarter earlier than bouncing again sharply.
At the moment buying and selling at simply shy of $3K, $ETH stays about 36% beneath its earlier all-time excessive, which might quickly be taken out if the bullish momentum continues.
The MVRV ratio for $ETH adopted a risky path over this time. In the beginning of the yr, it stood at round 1.5, indicating Ethereum was buying and selling nicely above its common acquisition worth and was thought of overvalued.
As anticipated, profit-booking kicked in, dragging the MVRV ratio beneath 1.0 in March, suggesting that the majority $ETH holders had been in loss territory.
Throughout the Q2 restoration, the MVRV bounced again to 1.2, indicating nominal income for the typical holder.
On the charts, the $2.8K mark has acted as a powerful resistance for Ethereum because the first week of Might. It lastly managed to shut above this degree yesterday (July 10) and is now consolidating in that zone.
If Ethereum holds this degree, it might proceed its upward climb towards $3.4K.
Nonetheless, if it falls again within the $2.4K-$2.8K vary, it might commerce sideways for a lot of the subsequent quarter earlier than making a decisive directional transfer.
Some Different Crypto Stats from Q2 2025
Let’s now take a look at another key crypto stats outlined within the report:
Crypto enterprise capital funding within the first quarter of 2025 reached practically 60% of all VC investments made in 2024, elevating round $4.8B. This contemporary capital is predicted to gas innovation, help early-stage startups, and appeal to top-tier expertise.
Crypto-related hiring surged by 753%, with the vast majority of new roles in advertising and growth, highlighting sturdy total progress potential throughout the area.
The perfect meme cash additionally carried out notably nicely within the second quarter, with over 5.9M tokens created thus far this yr. Like Bitcoin and Ethereum the meme, the meme coin market noticed a dip throughout Q1 earlier than rebounding in Q2.
Cash like $PEPE led the cost, skyrocketing by an astounding 89.93M%. In distinction, extra established tokens like $SHIB and $DOGE had been absent from the highest trending cryptos checklist.
Wrapping Up
After succumbing to macroeconomic pressures in Q1, the crypto market discovered its footing once more within the second quarter of 2025.
With Bitcoin now buying and selling at all-time highs, the 99Bitcoins Q2 State of Crypto Market Report has bolstered market confidence with its formidable $135K year-end goal.
From rising institutional inflows and surging long-term holder conviction to the resurgence of Ethereum and a record-breaking meme coin rally, the information factors to a maturing market with renewed momentum and rising participation.
For buyers seeking to journey the wave, now could be the most effective time to discover the most effective cryptos to spend money on.
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