Crypto Outlook 2025
Introduction
Welcome to the 2025 edition of our Crypto Theses. Over the past year, 2024, the crypto industry showed remarkable resilience and progress after a period of uncertainty and regulatory hurdles. Key moments included:
- Growing Institutional Involvement: The approval of spot exchange-traded funds (ETFs) for Bitcoin and Ethereum, attracting major capital inflows from both institutional and retail investors.
- Regulatory Shifts in the United States: Easing of regulatory pressure following a pro-crypto political environment, encouraging new projects and reducing the risk for large capital allocators.
- Bitcoin Milestones: Bitcoin price soared above $100,000, driven by high demand from ETFs and renewed optimism in digital gold.
- Emergence of Solana: Solana solidified its position alongside Bitcoin and Ethereum, establishing a “Big Three” narrative for Layer-1 (L1) blockchains.
- User Adoption Through New Platforms: Projects like Polymarket, Telegram mini-apps, and simplified memecoin trading apps drew in a wave of new participants, many from non-crypto backgrounds.
- Breakout Year for DePIN: Decentralized Physical Infrastructure Networks more than doubled in overall market cap, showcasing tangible use cases in telecommunications, energy, and data.
This report is divided into two main parts:
- State of Crypto: Summaries of the most important developments in 2024, including macro factors, institutional adoption, memecoin mania, and more.
- Sector Theses: A closer look at each major sector—Bitcoin, Ethereum, Solana, DeFi, AI x Crypto, and beyond.
Disclaimer: This material is for informational purposes only and does not constitute financial or legal advice. Always perform your own research and consider consulting a qualified professional before making significant investment decisions in crypto.
State of Crypto
Macro & Legacy Markets
2024: A Wall of Worry in Traditional Markets
Even though the world appeared to move beyond peak inflation in late 2023, many investors spent 2024 watching closely for signs of an economic slowdown or new global conflicts. The U.S. Federal Reserve began cutting rates mid-year, reversing earlier hikes, as data suggested…
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Curious about the trends that propelled crypto throughout 2024—and what could define the year ahead? In this exclusive deep dive, we explore the meteoric rise of memecoins, the expansion of Decentralized Physical Infrastructure Networks (DePIN), and the game-changing convergence of AI and blockchain.
From sustainable energy solutions to playful “tap-to-earn” mini-games on Telegram, crypto’s reach is broadening faster than ever. If you’re looking for strategic insights on emerging narratives, regulatory shifts, and where the biggest opportunities lie, you won’t want to miss the full report. Unlock the complete analysis and see how 2025 might be a breakthrough year for digital assets. Already a member? Login here