Compiled by: Vernacular Blockchain

The author has delved into the cryptocurrency space, tracking the views of heavyweights such as Raoul Pal, Cathie Wood, and Anthony Pompliano on the crypto market. Their attitude is cautiously optimistic, focusing on long-term fundamentals rather than short-term hype.

Here's a look at the market pulse, combined with their perspectives and emerging trends.

ETF craze and institutional investment

The Bitcoin spot ETF approved in early 2024 brought about huge changes. According to CoinShares data, as of August 2025, the assets under management exceeded US$60 billion.

ARK Invest’s Cathie Wood remains bullish on Bitcoin’s trajectory, stating:

“ETFs bring new legitimacy to cryptocurrencies.”

The approval of an Ethereum ETF is now in focus, with Bloomberg analyst Eric Balchunas predicting a launch in the fourth quarter of 2025, potentially unleashing billions of dollars in inflows.

Raoul Pal, CEO of Real Vision, highlighted the broader trend:

“Institutions aren’t just testing the waters – they’re building the infrastructure. Think custody, derivatives and borrowing.”

This is not speculation, but a structural shift . Experts believe that the next wave may be Altcoin ETFs, such as Solana (SOL) or Cardano (ADA), further connecting traditional finance with decentralized finance (DeFi).

Institutional adoption is a slow process but is solidifying cryptocurrency’s place in global finance.

Bitcoin Halving – Patience is Key

Bitcoin’s halving in April 2024 will reduce the block reward to 3.125 BTC, further tightening supply. Historically, halvings typically trigger a bull run within 12 to 18 months, but the market has yet to see the explosive rally some had hoped for.

Anthony Pompliano, founder of Pomp Investments, said:

“The consolidation after the halving is normal. Bitcoin is currently at $65,000, but a real rise requires the cooperation of macroeconomic conditions.”

PlanB, creator of the Stock-to-Flow model, believes we are in a “bottoming out” phase and Bitcoin could reach $100,000 by mid-2026.

Experts like Lyn Alden point out that macro headwinds like persistent inflation and high interest rates are curbing short-term gains.

What is consensus?

The scarcity effect of the halving still exists, but the uncertainty of the global economy requires patience.

Altcoin– Selective Strength, Not a Full-Scale Boom

Bitcoin remains the mainstay of the market, but Altcoin are poised to make a move. Ethereum’s Dencun upgrade in 2024 significantly reduced transaction costs, driving the development of Layer-2 solutions such as Arbitrum and Optimism.

Vitalik Buterin recently emphasized at X that Ethereum’s roadmap prioritizes scalability and privacy, positioning it as a pillar for DeFi and the tokenization of real-world assets (RWA).

Former BitMEX CEO Arthur Hayes is bullish on DeFi protocols such as Aave and Chainlink. He said:

“ Real World Assets (RWAs) could become a $10 trillion market by 2030. ”

While a full-blown “ Altcoin season” hasn’t arrived yet, certain projects have stood out. AI-powered tokens like Fetch.AI and gaming ecosystems like Immutable X have garnered attention due to their real-world use cases.

According to DappRadar’s 2025 report, Layer-1 projects such as Solana and Avalanche are attracting developer attention.

Double-edged sword: regulation

Regulation remains the biggest uncertainty for cryptocurrencies. In the United States, the SEC has softened its stance slightly under Gary Gensler, and clearer guidelines are expected by 2026.

Ripple CEO Brad Garlinghouse warned:

“ Clear regulation will free up institutional capital, but excessive regulation could stifle innovation. ”

Globally, the EU’s MiCA framework has set an example for balanced regulation, boosting confidence in markets such as Germany and France.

Coinbase CEO Brian Armstrong believes that regulatory clarity, while painful for some projects, will weed out bad actors and stabilize the market. Currently, uncertainty is making some institutions cautious, but trends point to mainstream acceptance.

Macro Headwinds and Crypto Resilience

The global economy—3.5% inflation, a federal interest rate at 4.5%, geopolitical tensions—has a huge impact.

The “digital gold” narrative for Bitcoin remains strong, with MicroStrategy’s Michael Saylor doubling down on it:

“Bitcoin is the ultimate hedge against currency debasement.”

However, risk aversion in the stock market could weigh on speculative assets, including cryptocurrencies.

Lyn Alden noted in his newsletter:

“Bitcoin’s correlation with the S&P 500 has fallen to 0.4.”

She believes cryptocurrencies are maturing as an asset class. Long-time believers like Chamath Palihapitiya believe blockchain’s practical applications — like supply chain transparency or decentralized identity — will transcend macro fluctuations.

Big Picture

September 2025 feels like the calm before the storm. The foundations for the next leap forward in crypto—ETF-driven inflows, halving dynamics, Altcoin innovation, and regulatory clarity—are being laid.

Raoul Pal said:

"This is a marathon, not a sprint. Focus on the technology, not the price."

Smart money isn't chasing short-term spikes—they're accumulating Bitcoin and betting on utility-driven projects. Do your research, stay disciplined, and remember—in crypto, slow and steady wins the race.

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