Odaily星球日报讯 Galaxy Research 发布 2025 年预测报告，涵盖比特币和以太币价格、DOGE、稳定币、DeFi、L2s、政策、VC 等。具体如下： -BTC 将在上半年突破 15 万美元，并在 2025 年第四季度测试或达到 18.5 万美元。 -ETH 的交易价格将超过 5500 美元。 -美国现货比特币 ETP 的资产管理规模将突破 2500 亿美元。 -比特币将再次成为全球资产中风险调整后表现最好的资产之一。 -至少一个顶级财富管理平台将宣布建议 2％或更高的比特币配置。 -五家纳斯达克 100 指数公司和五个民族国家会宣布将比特币添加到其资产负债表或主权财富基金中。 -比特币开发人员将就下一次协议升级达成共识。 -按市值计算，排名前 20 位的公开交易比特币矿工中，超过一半将宣布转型或与超大规模提供商、人工智能或高性能计算公司建立合作伙伴关系。 -比特币 DeFi（被认定为锁定在 DeFi 智能合约中并存入质押协议中的 BTC 总量）将在 2025 年几乎翻倍。 -以太坊质押率将超过 50%。 -ETH/BTC 比率将低于 0.03，但年底将高于 0.06。 -L2 作为一个集体将比 Alt L1 产生更多的经济活动。 -随着链上应用程序从资金库和收益分成中向用户和代币持有者分配至少 10 亿美元的名义价值，DeFi 将进入“红利时代”。 -链上治理将迎来复苏，应用程序将尝试未来的治理模式。 -全球四大托管银行将托管数字资产。 -将会有至少十种由 TradFi 合作伙伴支持的稳定币推出。 -稳定币的总供应量将翻一番，超过 4000 亿美元。 -Tether 长期以来的市场主导地位将跌至 50%以下，受到 Blackrock 的 BUIDL、Ethena 的 USDe 甚至 Coinbase/Circle 支付的 USDC 奖励等收益替代品的挑战。 -加密风险投资资本总额将超过 1500 亿美元，同比增长 50%以上。 -稳定币立法将在国会两院通过并于 2025 年由特朗普总统签署，但市场结构立法则不会。 -美国政府不会购买比特币，但会使用已持有的比特币建立储备，各部门和机构内部也会采取行动，研究扩大比特币储备政策。 -美国证券交易委员会将对第一家所谓的“特殊目的经纪交易商” Prometheum 展开调查。 -狗狗币最终将达到 1 美元，市值将达到 1000 亿美元。

Odaily星球日报讯 Galaxy Research 发布 2025 年预测报告，涵盖比特币和以太币价格、DOGE、稳定币、DeFi、L2s、政策、VC 等。具体如下：-BTC 将在上半年突破 15 万美元，并在 2025 年第四季度测试或达到 18.5 万美元。-ETH 的交易价格将超过 5500 美元。-美国现货比特币 ETP 的资产管理规模将突破 2500 亿美元。-比特币将再次成为全球资产中风险调整后表现最好的资产之一。-至少一个顶级财富管理平台将宣布建议 2％或更高的比特币配置。-五家纳斯达克 100 指数公司和五个民族国家会宣布将比特币添加到其资产负债表或主权财富基金中。-比特币开发人员将就下一次协议升级达成共识。-按市值计算，排名前 20 位的公开交易比特币矿工中，超过一半将宣布转型或与超大规模提供商、人工智能或高性能计算公司建立合作伙伴关系。-比特币 DeFi（被认定为锁定在 DeFi 智能合约中并存入质押协议中的 BTC 总量）将在 2025 年几乎翻倍。-以太坊质押率将超过 50%。-ETH/BTC 比率将低于 0.03，但年底将高于 0.06。-L2 作为一个集体将比 Alt L1 产生更多的经济活动。-随着链上应用程序从资金库和收益分成中向用户和代币持有者分配至少 10 亿美元的名义价值，DeFi 将进入“红利时代”。-链上治理将迎来复苏，应用程序将尝试未来的治理模式。-全球四大托管银行将托管数字资产。-将会有至少十种由 TradFi 合作伙伴支持的稳定币推出。-稳定币的总供应量将翻一番，超过 4000 亿美元。-Tether 长期以来的市场主导地位将跌至 50%以下，受到 Blackrock 的 BUIDL、Ethena 的 USDe 甚至 Coinbase/Circle 支付的 USDC 奖励等收益替代品的挑战。-加密风险投资资本总额将超过 1500 亿美元，同比增长 50%以上。-稳定币立法将在国会两院通过并于 2025 年由特朗普总统签署，但市场结构立法则不会。-美国政府不会购买比特币，但会使用已持有的比特币建立储备，各部门和机构内部也会采取行动，研究扩大比特币储备政策。-美国证券交易委员会将对第一家所谓的“特殊目的经纪交易商” Prometheum 展开调查。-狗狗币最终将达到 1 美元，市值将达到 1000 亿美元。

Galaxy Research：BTC或于明年Q4达到18.5万美元，ETH超5500美元

Odaily Report: Galaxy Research released a 2025 forecast report covering Bitcoin and Ethereum prices, DOGE, stablecoins, DeFi, L2s, policies, VCs, etc. Specifically:

- BTC will break through $150,000 in the first half of the year and test or reach $185,000 in Q4 2025.
- ETH's trading price will exceed $5,500.
- The assets under management of the US spot Bitcoin ETP will exceed $250 billion.
- Bitcoin will once again be one of the best performing risk-adjusted assets globally.
- At least one top wealth management platform will announce a recommended 2% or higher Bitcoin allocation.
- Five Nasdaq 100 companies and five nation-states will announce adding Bitcoin to their balance sheets or sovereign wealth funds.
- Bitcoin developers will reach consensus on the next protocol upgrade.
- More than half of the top 20 publicly traded Bitcoin miners by market cap will announce transformations or partnerships with hyperscalers, AI, or HPC companies.
- Bitcoin DeFi (the total BTC locked in DeFi smart contracts and deposited in staking protocols) will nearly double by 2025.
- Ethereum staking rate will exceed 50%.
- The ETH/BTC ratio will drop below 0.03 but end the year above 0.06.
- L2 will collectively generate more economic activity than Alt L1s.
- DeFi will enter a "dividend era" as on-chain apps distribute at least $1 billion in nominal value to users and token holders.
- On-chain governance will see a revival, with apps experimenting with future governance models.
- The top 4 global custodian banks will custody digital assets.
- At least 10 stablecoins supported by TradFi partners will be launched.
- Total stablecoin supply will double, exceeding $400 billion.
- Tether's long-standing market dominance will drop below 50%, challenged by yield alternatives like Blackrock's BUIDL, Ethena's USDe, and USDC rewards from Coinbase/Circle.
- Crypto VC capital will exceed $150 billion, up over 50% YoY.
- Stablecoin legislation will pass both houses of Congress and be signed by President Trump in 2025, but market structure legislation will not.
- The US government will not buy Bitcoin but will use its existing Bitcoin holdings to establish reserves, with various departments and agencies taking action to research expanding Bitcoin reserve policies.
- The SEC will investigate the first so-called "special purpose broker-dealer" Prometheum.
- Dogecoin will ultimately reach $1, with a market cap of $100 billion.

Odaily Report: Galaxy Research releases 2025 forecast report covering Bitcoin and Ethereum prices, DOGE, stablecoins, DeFi, L2s, policies, VCs, etc.

Key points:
- BTC to break $150,000 in H1, test or reach $185,000 in Q4 2025
- ETH to trade above $5,500
- US spot Bitcoin ETP AUM to exceed $250 billion
- Bitcoin to be one of the best risk-adjusted performing assets globally
- At least one top wealth management platform to recommend 2% or higher Bitcoin allocation
- 5 Nasdaq 100 companies and 5 nation-states to add Bitcoin to their balance sheets or sovereign wealth funds
- Bitcoin developers to reach consensus on next protocol upgrade
- Over 50% of top 20 public Bitcoin miners by market cap to transform or partner with hyperscalers, AI or HPC firms
- Bitcoin DeFi to nearly double by 2025
- Ethereum staking rate to exceed 50%
- ETH/BTC ratio to dip below 0.03 but end the year above 0.06
- L2s to generate more economic activity than Alt L1s
- DeFi to enter "dividend era" as apps distribute $1B+ in nominal value to users and token holders
- On-chain governance to revive, apps to experiment with future governance models
- Top 4 global custodian banks to custody digital assets
- At least 10 TradFi-backed stablecoins to launch
- Total stablecoin supply to double, exceed $400B
- Tether's market dominance to drop below 50%, challenged by alternatives like Blackrock's BUIDL, Ethena's USDe, and USDC rewards from Coinbase/Circle
- Crypto VC capital to exceed $150B, up over 50% YoY
- Stablecoin legislation to pass Congress, be signed by Trump, but market structure legislation won't
- US govt won't buy Bitcoin but will use existing holdings to establish reserves, with depts/agencies exploring expanding Bitcoin reserve policies
- SEC to investigate "special purpose broker-dealer" Prometheum
- Doge to reach $1, with $100B market cap

Galaxy Research: BTC may reach $185,000 in Q4 next year, ETH may exceed $5,500

Odaily reports that Bitcoin options with a notional value of $14 billion expired today, and after the settlement, Bitcoin briefly broke through $97,000, showing resilience. According to the correlation between Bitcoin and the global liquidity index, Bitcoin may reach a "local top" of over $110,000 in January, followed by a potential adjustment. (Cointelegraph)

Analysis: Bitcoin may break through the local top of $110,000 in January next year"

Odaily reports that Pantera Capital CEO Dan Morehead predicted in the Bankless podcast that the main bull market cycle in the cryptocurrency market will peak in 2025. Morehead explained that Bitcoin's price movements have always followed a four-year halving cycle. Historically, Bitcoin's price has seen significant increases before and after these events, with the last halving occurring in April 2024. Based on historical trends, Morehead predicts that Bitcoin will reach its cycle peak in August 2025. He emphasized that although the market conditions are more moderate compared to previous cycles, the upcoming rebound still looks promising. He stated: "The outlook for 2025 is very optimistic, not only because of the halving event, but also because political and macroeconomic factors are aligned with the development of cryptocurrencies." Morehead's target price for Bitcoin's peak is $117,000, an 18% increase from the current price. He added that historical data shows the impact of the halving begins about 400 days in advance, with the peak occurring about 480 days later. As early as 2022, when Bitcoin's trading price was $17,000, Pantera Capital correctly predicted that Bitcoin would reach $28,000 at the time of the halving, and Morehead is now confident in his prediction that Bitcoin will reach $117,000 by August 2025. (Cryptodnes)

Pantera Capital CEO predicts that the current bull market cycle will peak in August 2025, and BTC may rise to $117,000

Here is the English translation:

The crypto news outlet Mars Finance reported that the price of ETH fell to $3,337 on December 26, erasing the gains of the previous two days. This drop occurred after Bitcoin fell 4%, leading to the liquidation of $34 million in leveraged ETH long positions (buyers). As signs of weakness emerge in the U.S. job market, investors have become more risk-averse.

Although it was unable to maintain above $3,500 over the past week, the ETH derivatives market remains in a neutral to bullish stance, indicating that $4,000 is still within reach. It is worth noting that China's stablecoins are trading at par with the official U.S. dollar exchange rate, suggesting no significant cryptocurrency outflows from the region.