State of Crypto #15: 2025 Mid-year Review

Welcome to the mid-year outlook edition of the State of Crypto from 21Shares!

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We’ve hit the halfway mark of 2025, the perfect time to pause, reflect, reassess where digital asset markets stand, and where they might be headed next.

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What's Inside?

• A comprehensive mid-year review of the predictions we laid out last December, identifying which trends are gaining momentum, losing steam, or redefining the narrative.
• Bitcoin’s transformation into a strategic treasury asset, as US states formalize Bitcoin reserves and corporate accumulation intensifies.
• Continued growth in crypto ETPs, with multiple jurisdictions now reconsidering, and in some cases reversing, retail access restrictions.
• Traditional finance deepens its crypto integration, from tokenized real-world assets to stablecoins embedded directly into mainstream payment infrastructure.