Crypto’s Second Half: Big Moves in Bitcoin and Ethereum
Bitcoin treasury companies are rising. Ethereum faces pressure. Altcoins may still shine. What does the second half of 2025 hold for crypto?
The crypto market is entering the second half of 2025 with momentum. Bitcoin continues to outperform traditional assets, and institutional interest is booming.
From bitcoin treasury strategies to the next wave of crypto ETFs and IPOs, here’s what to watch as we move deeper into the year.
Bitcoin Treasury Companies Are Leading a New Trend
Bitcoin (BTC) is up about 15% this year, almost doubling the S&P 500’s growth. But beyond price, something bigger is happening: companies are turning bitcoin into a treasury reserve asset.
Led by pioneers like Michael Saylor’s Strategy (formerly MicroStrategy), a growing number of public companies—135 and counting—now hold bitcoin on their balance sheets. This shift signals growing confidence in bitcoin as an inflation hedge and a future-proof financial tool.
“The second half of 2025 marks a turning point,” says Stephen Cole, CEO of Castle, a bitcoin treasury provider. “For many businesses, it’s no longer if they’ll acquire bitcoin—it’s when.”
Expect even large-cap tech firms to announce BTC allocation strategies by year-end.
Will Altcoins Be Left Behind?
Bitcoin dominance has cast a long shadow. But altcoins may not be out of the game just yet.
“Bitcoin treasuries may reduce demand for altcoins used purely for exposure,” explains David Lawant, Head of Research at FalconX. “But coins with strong, differentiated use cases still have room to grow.”
Upcoming regulatory changes like the U.S. crypto market structure bill and looser controls on DeFi experimentation could revive interest in select altcoins with real-world applications.
More Spot ETFs and IPOs Are Coming
The success of spot bitcoin ETFs has opened the door to more crypto-linked investment vehicles. Through July 3, 2025, U.S. spot BTC ETFs saw net inflows of $14.4 billion.
Spot ether ETFs have launched. Others—including products with staking features and in-kind redemptions—are on the horizon.
“We expect most of the current ETF filings to be approved by year-end,” says Bloomberg analyst James Seyffart. “This includes ETFs for up to 10 individual digital assets.”
Meanwhile, Circle’s (CRCL) blockbuster IPO earlier this year has inspired others. Galaxy (GLXY), eToro (ETOR), and more firms are eyeing the public markets. Next in line? Possibly Kraken, Consensys, and Ripple.
Ethereum’s Defining Moment
Ether (ETH), long the second-largest crypto asset, is at a critical point.
It has underperformed bitcoin and rivals like Solana in recent years. Some investors worry that Ethereum’s wide use—by Coinbase and stablecoin issuers—doesn’t necessarily translate to price growth for ETH itself.
Still, experts say Ethereum’s story isn’t over.
“There are clear signs of renewed optimism,” says Lawant. “Ethereum is tied closely to capital markets through CME futures and ETFs. And staking could drive institutional adoption.”
Despite lagging bitcoin for years—down ~85% from its 2017 BTC ratio high—ETH has the infrastructure, developer base, and institutional interest to potentially close the gap.
Final Thoughts: Crypto’s Road Ahead
The crypto space in 2025 is evolving fast. Here’s what matters most:
- Bitcoin treasuries may become a norm for corporations.
- Altcoins must prove real-world utility or risk fading out.
- Ethereum faces pressure, but its capital market links give it a fighting chance.
- New ETFs and IPOs could expand investor access and credibility.
Crypto isn’t just about prices anymore. It’s about adoption, infrastructure, and the long game.
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