The Crypto Theses 2025

Introduction

Welcome to the 2025 edition of The Theses!

2024 was a year of transformation and resilience for the crypto industry. After navigating the turbulence of the previous cycle, the sector demonstrated significant strides in rebuilding trust, fostering innovation, and maturing as a financial and technological ecosystem.

• We saw the long-awaited ETFs come to fruition, legitimizing the asset class, and finally bringing in the institutions. They are here, for real.
• 2024 will go down in history as the defining year for the evolution of crypto policy. At the very least, a friendlier US regulatory environment should remove a lot of risk for allocators who were debating gaining exposure to the space.
• The election was the catalyst that finally propelled BTC across the $100,000 mark.
• Solana crossed the chasm and morphed what was once a two-horse race between Bitcoin and Ethereum into a trifecta – all while Ethereum faced an identity crisis.