State of Crypto #15: 2025 Mid-year Review
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State of Crypto #15: 2025 Mid-year Review

July 17, 2025
State of Crypto #15: 2025 Mid-year Review

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

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.

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.
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