Galaxy Research Annual Forecast: BTC will surpass $150000 in the first half of the year, ETH will exceed $5500

Galaxy Research releases 2025 forecast report, covering Bitcoin and Ethereum prices DOGE、 Stablecoins DeFi、L2s、 Policies, VC, etc. Specifically, as follows: Bitcoin is expected to surpass $150000 in the first half of the year and test or reach $185000 in the fourth quarter of 2025. By 2025, the asset management scale of US spot Bitcoin ETP will exceed 250 billion US dollars. In 2025, Bitcoin will once again become one of the best performing risk adjusted assets among global assets. At least one top wealth management platform will announce recommendations for a 2% or higher Bitcoin allocation. Five Nasdaq 100 index companies and five nation states will announce the addition of Bitcoin to their balance sheets or sovereign wealth funds. Bitcoin developers will reach a consensus on the next protocol upgrade by 2025. By market capitalization, over half of the top 20 publicly traded Bitcoin miners will announce a transformation or establish partnerships with hyperscale providers, artificial intelligence, or high-performance computing companies. Bitcoin DeFi (identified as the total amount of BTC locked in DeFi smart contracts and stored in staking agreements) will almost double by 2025. The trading price of Ethereum will exceed $5500 by 2025. The Ethereum staking rate will exceed 50%. In 2025, the ETH/BTC ratio will be below 0.03, but by the end of the year it will be above 0.06. By 2025, L2 as a collective will generate more economic activity than Alt L1. As on chain applications distribute at least $1 billion in nominal value from the treasury and revenue sharing to users and token holders, DeFi will enter the 'dividend era'. On chain governance will see a revival, and applications will attempt future governance models. By 2025, the world's four major custodian banks will manage digital assets. At least ten stablecoins supported by TradFi partners will be launched. By 2025, the total supply of stablecoins will double to over $400 billion. Tether's long-standing market dominance will fall below 50%, challenged by revenue substitutes such as Blackrock's BUIDL, Ethena's USDe, and even USDC rewards paid on Coinbase/Circle. The total capital of cryptocurrency venture capital will exceed $150 billion, a year-on-year increase of over 50%. The stablecoin legislation will be passed in both houses of Congress and signed by President Trump in 2025, but the market structure legislation will not. The US government will not purchase Bitcoin in 2025, but will use its existing holdings to establish reserves. Various departments and institutions will also take action to study policies for expanding Bitcoin reserves. The US Securities and Exchange Commission will launch an investigation into Prometheum, the first so-called 'special purpose broker dealer'. Dogecoin will eventually reach $1, and the market value of the world's largest and oldest memecoin will reach $100 billion.