Here is the English translation of the text, with the specified terms retained: The Big Picture of Crypto Tailwinds in 2025 Author: Ashley Oerth, Invesco Compiled by: Bai Hua Blockchain Invesco is a leading independent global investment management firm founded in 1935 and headquartered in the US. Invesco manages over $18 trillion in assets (as of 2024) and operates in more than 20 countries worldwide. In recent years, Invesco has been actively involved in blockchain and crypto asset investments, exploring investment opportunities in Bitcoin and other crypto assets. This article is written by Ashley Oerth, a global market strategy associate at Invesco. In this article, Oerth discusses the strong performance of crypto assets in 2024 and believes that the crypto industry will continue to set new highs in 2025, driven by an improved regulatory environment and more crypto-friendly policymakers. The key points are as follows: Crypto-Friendly US Policymakers Taking Office The election of pro-crypto candidates in the US Congress, as well as the appointment of crypto-supportive regulators, are expected to lead to a more favorable policy environment for the crypto industry. Easier Access to Crypto Investments The launch of spot Bitcoin ETFs in the US and Hong Kong in 2024, as well as the potential expansion of crypto ETFs to other assets, are making it simpler for investors to gain exposure to crypto. Changing Perception of Bitcoin The launch of a widely accessible spot Bitcoin ETF in the US in January 2024 was a significant milestone, providing investors with a convenient way to invest in Bitcoin (and potentially Ethereum in the future). Favorable Market Environment The expected risk-on environment in 2025, driven by interest rate cuts and a return to normal global economic growth, could provide support for crypto assets, which are heavily influenced by macroeconomic conditions. Tokenization Gaining Traction The progress in central bank digital currencies and asset tokenization pilots, including tokenized money market funds, bonds, and private market products, could benefit crypto assets as this technology becomes more widespread.

Summary: 2025 is a year worth watching

Crypto assets are a highly volatile investment that may fluctuate significantly due to news events. Overall, we believe the crypto market will continue to reach new highs in 2025, mainly due to increased regulatory transparency and more favorable policies, which have brought positive news for digital assets (for example, the price fluctuations of the crypto market after Trump's election, the news of Trump's nomination of the Chairman of the U.S. Securities and Exchange Commission (SEC), and the U.S. approval of spot Bitcoin and Ethereum ETFs). We also expect that interest rate cuts in many major economies may stimulate demand for risky assets.