5 key questions for crypto in H2

There’s never a dull moment on the blockchain. Here’s what you need to know this week:

Crypto markets held steady. Also, the SEC is working on new rules for crypto ETF issuers.

Where could crypto be headed in the second half of 2025? Some key questions about BTC, ETH, ETFs, and more.

The value of Bit Digital’s new corporate ETH treasury. Plus, more key stats from around the cryptoverse.

$119,465.78

$3,386.28

$3.08

$1.00

$175.71

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MARKET BYTES

Crypto markets remain strong even as some traders take profits

After ending the week on Sunday above $110,000 — near historic highs — bitcoin dropped slightly on Tuesday to around $108,000 as some traders likely sold to lock in profits. Many other major tokens took a similar ride.

The strong recent performance of crypto markets (as well as many crypto industry stocks) has been driven by a growing swell of good news, including increasing regulatory clarity in the U.S., the blockbuster success of USDC issuer Circle’s IPO, new crypto ETFs arriving, and stablecoins emerging as one of crypto’s true breakthrough technologies.

Speaking to CoinDesk, one analyst suggested that conditions are good for prices to potentially rise in July. “Bitcoin is well-positioned to break its previous high in July, with upside potential toward $120,000 by month-end,” said Ryan Lee, chief analyst at Bitget Research. “Institutional demand and consistent ETF inflows continue to reinforce bullish momentum.”

Here’s what else to know this week…

SEC creates new rules for crypto ETF issuers

Last year, spot crypto ETFs — most of which buy either BTC or ETH and sell shares via conventional stock brokers — helped supercharge crypto markets as billions of dollars of institutional money entered the cryptoeconomy.

But with unclear rules around launching new crypto ETFs, few other products have followed. That’s set to change in the coming months, as the SEC has taken the first steps towards creating clear rules for crypto-fund issuers.

The first document, released this week, mandates that ETF issuers address the key elements of their products “in plain English.” But according to reporting from Reuters, a forthcoming document will potentially be much more significant, and could result in cutting “the time between filing and launch dates from as much as 240 days to only 75 days.”

The news was greeted with enthusiasm from market watchers. "It suggests that the SEC acknowledges that crypto ETPs are becoming part of the mainstream and so it's trying to lay down rules of the road to save both issuers and SEC staff time and hassle,” said Matt Hougan, CIO of Bitwise.

Top of the Rock… As of Tuesday, BlackRock’s leading IBIT bitcoin ETF held a record-breaking 700,000 BTC. In just 18 months, as U.S.-based spot BTC funds have tallied $50 billion in inflows, IBIT has become the third-highest revenue-generating fund in BlackRock’s 1,200-ETF portfolio.

CRYPTO BALL

5 key questions for crypto markets in the second half of 2025

While the first half of 2025 produced no shortage of economic and global volatility, crypto markets have continued to show momentum. Spot ETFs for BTC and ETH have both seen long streaks of inflows; the U.S. has made major progress toward regulatory clarity, and stablecoins have sprinted toward mass adoption.

So, what could be in store for the second half of the year? Here are 5 questions market watchers are asking about where crypto may be headed. .

Can bitcoin continue its uptrend?

Bitcoin set a new all-time high of $111,814 in May, and is up around 20% so far in 2025. But can the largest cryptocurrency continue to set new all-time highs during the latter half of the year?

Some analysts certainly think so. Standard Chartered said in a recent report that bitcoin could be on course to have its “best ever” second half of the year, possibly topping $135,000 by the end of September. “We expect prices to resume their uptrend, supported by continued strong ETF and Bitcoin treasury buying,” analysts for the bank wrote.

A report from Coinbase Institutional last month also suggested that new all-time highs for bitcoin could come later this year, given favorable macroeconomic factors, progress on major crypto legislation in the U.S., and continued crypto adoption by corporate treasuries.

“Despite the risks, we think bitcoin's upward trend is expected to continue,” wrote David Duong, Coinbase’s global head of research.

Will Congress pass landmark crypto legislation?

Under a new administration in Washington and the most pro-crypto Congress in history, the U.S. has made notable progress toward passing comprehensive crypto regulations and ushering in a new era of growth for digital assets.

Already this year, the U.S. Securities and Exchange Commission (SEC) has settled or dropped most of its cases against the crypto industry, and Congress has moved forward on establishing landmark laws related to stablecoins and the broader crypto market.

The stablecoin bill, known as the GENIUS Act, was passed by the Senate last month with bipartisan support. It would create clear rules and guidelines for stablecoin issuers that could help spark trillions of dollars in stablecoin growth over the next 5 years. The bill now awaits a vote in the House of Representatives.

In the same “Crypto Week,” the House also plans to advance the CLARITY Act, which focuses on the market structure for the broader crypto industry. The CLARITY Act would establish a comprehensive legal framework for the crypto industry that includes creating a regulated path for new token issuance at the SEC, defining the Commodities Futures Trading Commission as the official regulator of crypto secondary spot markets, as well as other aspects including codifying the right to self-custody of crypto assets.

The CLARITY Act still needs to be passed out of the Senate Banking Committee. Sen. Tim Scott (R-SC), who chairs the banking committee, said that his goal is to see “market structure completed before the end of September. I think that is a realistic expectation.”

Which altcoin ETFs will we see next?

Since the launch of spot ETFs for BTC and ETH last year, investors have been wondering when the market will see such products for altcoins. And the wait appears to be almost over.

Last week, a new kind of Solana ETF hit markets and Grayscale received approval from the SEC for a mixed crypto ETF, holding BTC, ETH, XRP, SOL, and ADA, though the launch process was subsequently paused.

Analysts believe that approvals for spot ETFs tracking XRP, SOL, and LTC are likely next in line. Bloomberg’s James Seyffart raised his odds to 95% that spot ETFs for those three tokens will be approved by the end of this year. Based on when the applications were filed, speculation is that LTC is first in line to receive spot ETF approval, followed by SOL, then XRP.

Beyond those tokens, Bloomberg pegs approval for ETFs for DOGE, ADA, DOT, HBAR, and AVAX at 90%.

Is the “bitcoin treasury” company trend going to continue?

There are already more than 100 public companies that hold BTC on their balance sheets, and these firms have become a significant source of demand for bitcoin. And the trend shows little sign of slowing down, with corporate treasuries surpassing “ETFs in bitcoin buying for a third consecutive quarter,” reports CNBC.

But while the treasury strategy has been beneficial for longtime BTC HODLers, who have seen their crypto rise in value, some market watchers are skeptical the trend will continue, with SkyBridge Capital founder Anthony Scaramucci predicting that it will soon “fade away.”

On the other hand, Stephen Cole, the CEO of bitcoin treasury solution provider Castle, recently told Investopedia that, "The latter half of 2025 will mark a pivotal moment for bitcoin’s adoption as a treasury asset, driven by a convergence of global market trends, shifting corporate strategies, and institutional validation.”

Is it finally ETH’s time to shine?

While ETH has struggled compared to BTC for the year to date, there are signs that the second-largest cryptocurrency is beginning to turn around.

Ethereum ETFs have clocked more than $1.5 billion in inflows so far this year, with more than $1.17 billion coming in June alone. And some market watchers think the growth of stablecoins and tokenization could combine to be a boon for Ethereum (which will mark its 10th anniversary later this month) during the remainder of 2025.

Fifty percent of the $254 billion stablecoin market already exists on Ethereum, and it’s also becoming the blockchain of choice for a number of tokenization efforts. It’s for this reason that Bitwise CIO Matt Hougan thinks ETF inflows will “accelerate significantly” in the second half of the year and could hit $10 billion.

“The combination of stablecoins & stocks moving over Ethereum is an easy-to-grasp narrative for traditional investors,” Hougan wrote on X last week.

NUMBERS TO KNOW

$188 billion

The total value of assets held in crypto investment products, setting a new record after $1 billion inflows last week. BlackRock and Fidelity’s U.S.-based spot BTC ETFs dominate the global sector, with nearly $100 billion in holdings combined.

$250 million

The amount Ondo Finance plans to invest in tokenized assets, in partnership with investment firm Pantera. A recent report from Boston Consulting Group and Ripple projects the tokenized asset sector could reach $18 trillion by 2033.

$173 million

The value of Bit Digital’s corporate ETH treasury, which launched this week. The initiative follows a wave of other public companies now building Ether reserves, such as BitMine, which announced a similar $250 million initiative, as well as SharpLink Gaming’s $533 million ETH treasury.

$70 million

The value of Bitcoin ETF holdings disclosed by Figma, a design tech company, in its IPO filing last week. In addition, the firm noted $30 million in USDC stablecoin reserves that it intends to directly convert to BTC “at a later date.”

$12 million

The volume for the “first-ever” staked Solana ETF on its first trading day on U.S. financial exchanges last week. Currently, nine other spot-based Solana exchange-traded funds are awaiting regulatory approval.