Outlook for the Crypto Assets Market in the Second Half of 2025: Can Bitcoin Break Through $200,000?

In the first half of 2025, the Crypto Assets market experienced several significant events. The price of Bitcoin rose by about 24%, while the market value of Ethereum fell by nearly 12%.

In January of this year, after the new government took office, the United States' attitude towards Crypto Assets changed significantly. Several lawsuits against Crypto Assets companies were dismissed or settled, and the passage of the GENIUS Act marked the birth of the first legislation related to Crypto Assets in the United States.

Amid the uncertainties caused by the new economic policies, Bitcoin has become the preferred choice for asset allocation, reaching a historic high of around $112,000 in May. Institutional investors' interest in Bitcoin and Crypto Assets has also surged sharply. According to data from platforms, as of July 3, the total net inflow of Bitcoin ETFs is approximately $14.4 billion.

The current trading price of Bitcoin has exceeded $117,000, and here are several major trends that investors may face in the second half of 2025.

Bitcoin Reserve Companies Are Thriving

Since the government's decision to establish a U.S. strategic Bitcoin reserve in March, several Bitcoin reserve companies have emerged. These companies allocate most of their reserve assets to Bitcoin.

Although Strategy has been using this model for years, new players like Metaplanet and Twenty One have entered the market. Last week, the CEO of Strategy stated that Bitcoin reserve companies have the potential for exponential growth, and their expansion rate depends on their ability to issue securities and purchase Bitcoin.

Several well-known companies have also announced plans to create Bitcoin reserves. Last month, regulators approved a $2.3 billion Bitcoin reserve transaction for a media technology group.

Stephen Cole, co-founder and CEO of Bitcoin reserve solution provider Castle, stated that Bitcoin treasury companies are emerging continuously among the major global economies, and this trend will continue in the second half of 2025.

Cole added that for all businesses, regardless of size, the question of "whether to buy Bitcoin" is rapidly shifting from "if" to "when." He anticipates that by the end of 2025, several tech giants will begin purchasing Bitcoin and formulating their allocation strategies.

Altcoin will still have a place

Despite the continuous emergence of Bitcoin reserve companies, demand for Altcoins is expected to remain strong for the rest of the year. David Lawant, head of research at FalconX, stated that although channels for acquiring Bitcoin are becoming increasingly convenient, Altcoins with "strong and unique fundamental value propositions" will continue to perform well.

Lawant added: "Regulatory changes such as the Crypto Assets Market Structure Bill and a more lenient stance on DeFi experiments may give rise to new strong trends."

Crypto Assets ETF and IPO Boom

Under the new government leadership, regulatory agencies have adopted a more favorable attitude towards Crypto Assets, and more ETFs are expected to be approved by the end of the year.

Bloomberg ETF analyst James Seyffart stated: "I believe that even if not all of the submitted 19b-4 filings are approved, the vast majority will be passed by the end of the year. This includes physically redeemable, staking ETFs, as well as about 10 single-asset ETFs attempting to be launched."

Since the beginning of 2025, several crypto companies have gone public, with one company's IPO performance exceeding expectations, causing its stock price to rise by 475% in less than a month. Several well-known trading platforms have also submitted or plan to submit IPO applications. This trend is expected to continue throughout the remaining time of this year.

Bitcoin and Ethereum Price Outlook

Most analysts are optimistic about the price prospects of Bitcoin in the second half of 2025. An anonymous Bitcoin analyst recently pointed out: "Bitcoin is about to break through a price range that has lasted for years." He expects the price of Bitcoin to exceed $200,000 by the end of the year.

A certain asset management company also maintains its initial prediction, believing that by the end of 2025 the price of Bitcoin will reach $200,000. However, the company is not very certain about Ethereum's recovery ability. An international bank has also reaffirmed the prediction that the price of Bitcoin will reach $200,000.

As for Ethereum, although its future is full of uncertainty, it may not yet be time to give up. Lawant believes that with the successive launch of spot Ethereum ETFs and the fact that many institutional investors "have not fully allocated to Ethereum," it means that Ethereum "still has a lot of room for recovery."