The Block Research’s Analysts: 2025 Predictions

Q1 will generally be a disappointment from a price perspective as inflated expectations around monetary policy and regulation will meet reality. BTC price action will continue to trade in line with broader macro assets. Fundraising and venture deployment, however, will remain active.

Q2-Q3 will see markets generally rebound, which will catalyze token launches and onchain activity will spike. A notable ETF will launch, such as a popular single coin ETF, e.g., SOL ETF, or a staked ETH ETF. These will fail to meaningfully challenge the Bitcoin ETF but will force investment managers to roll out a more developed playbook for the space, which will be the larger win.