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Bitcoin (BTC), the world’s largest cryptocurrency, is set to reach new heights in 2025, with Galaxy Research predicting it will “test or best” $185,000 by the fourth quarter of the year.
Ether (ETH), the second-largest cryptocurrency, is also forecasted to surpass $5,500 within the next 12 months, according to the report.
Alex Thorn, head of research at Galaxy, noted that a combination of institutional, corporate, and nation-state adoption will drive Bitcoin to new levels in 2025.
The research firm expects five Nasdaq-100 companies and five nations to add Bitcoin to their balance sheets or sovereign wealth funds next year, further fueling the next wave of adoption. Competition among these countries is expected to push Bitcoin’s growth even higher.
Galaxy also predicts that the total assets under management (AUM) of U.S. spot Bitcoin exchange-traded funds (ETFs) will surpass $250 billion in 2025. Additionally, at least one leading wealth management platform will announce a Bitcoin allocation of 2% or more next year.
Bitcoin’s decentralized finance (DeFi) ecosystem is also expected to experience significant growth, with the amount of BTC locked in DeFi projected to double next year from the current $11 billion.
The report highlights that the trend of Bitcoin miners transitioning to high-performance computing (HPC) will continue. More than half of the top 20 publicly listed Bitcoin mining firms are expected to announce partnerships with artificial intelligence (AI) companies or hyperscalers in 2025.
Finally, Galaxy predicts that Bitcoin will capture 20% of gold’s market capitalization next year, marking another milestone for the cryptocurrency’s growth.
