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Q2 2025 Quarterly investment outlook

Sector updates Research reports

This is our Q2 2025 quarterly investment outlook, a report from Sygnum Investment Research. 

Report highlights: 

  • Bitcoin’s dominance is at levels not seen for over four years, while escalating macro uncertainty and expectations of currency debasement highlight Bitcoin’s safe haven qualities.
  • While the trend for establishing Bitcoin reserves has stalled at US states, both Treasury Secretary Bessent and BlackRock CEO Larry Fink emphasised Bitcoin’s store-of-value properties, with Larry Fink suggesting that Bitcoin could replace the US dollar as a global reserve currency if the US government fails to control its national debt.
  • The drastically improved regulatory landscape for crypto use cases is creating the foundations for a strong alt-sector rally, especially as none of the positive developments have been priced in.
  • As Ethereum is challenged by competitors, there is an increased focus on unifying liquidity across its ecosystem; leading rollups such as Base and Optimism have committed to supporting these efforts, even at the cost of foregoing substantial revenue.
  • Solana’s daily revenues fell by 99 percent from the January high following the burst of the memecoin hype, exposing the network’s dependency on a sector lacking fundamental value.
  • We expect a much broader set of regulated futures, options and ETFs on crypto assets and indices to be available by year end – and this trend is already underway with CME Solana futures, Solana futures ETFs and XRP swap-based ETFs.
  • The market’s increased focus on economic value compels greater competition for user growth and revenues, with rising protocols such as Toncoin, Sui, Aptos, Sonic or Berachain taking different approaches.
  • Stablecoin legislation is making progress in the US, and with the administration’s strategic focus on this sector, it is likely that it will be signed into law this year.
  • USD Coin is benefiting from the shift towards regulatory clarity in the stablecoin sector, while Tether’s dominance has been declining
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This 13-page report is available to qualified investors. Please find further insights and news from our team  here.

Disclaimer: The information in this publication pertaining to Sygnum Bank AG (“Sygnum”) is for general information purposes only, as per date of publication, and should not be considered exhaustive. This publication does not consider the financial situation of any natural or legal person, nor does it provide any tax, legal or investment advice. This publication does not constitute any advice or recommendation, an offer or invitation by or on behalf of Sygnum to purchase or sell any assets. No elements of precontractual or contractual relationship are intended. While the information is believed to be from accurate and reliable sources, Sygnum makes no representation or warranties, expressed or implied, as to the accuracy of the information. Sygnum expressly disclaims any and all liability that may be based on such information, omissions, or errors thereof. Any statements contained in this publication attributed to a third party represent Sygnum‘s interpretation of the data, information and/or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party. Sygnum reserves the right to amend or replace the information, in part or entirely, at any time, and without any obligation to notify the recipient of such amendment / replacement or to provide the recipient with access to the information. Simultaneously, there is no obligation of Sygnum to inform recipients of information, if before provided information later becomes outdated, inaccurate or obsolete, unless otherwise provided by applicable law. The information provided is not intended for use by or distributed to any individual or legal entity in any jurisdiction or country where such distribution, publication or use would be contrary to the law or regulatory provisions or in which Sygnum does not hold the necessary registration, approval authorisation or license. Except as otherwise provided by Sygnum, it is not allowed to modify, copy, distribute or reproduce, display, license, or otherwise use any content for commercial purposes.

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Disclaimer:

The information in this publication pertaining to Sygnum Bank AG (“Sygnum”) is for general information purposes only, as per date of publication, and should not be considered exhaustive. This publication does not consider the financial situation of any natural or legal person, nor does it provide any tax, legal or investment advice. This publication does not constitute any advice or recommendation, an offer or invitation by or on behalf of Sygnum to purchase or sell any assets. No elements of precontractual or contractual relationship are intended. While the information is believed to be from accurate and reliable sources, Sygnum makes no representation or warranties, expressed or implied, as to the accuracy of the information. Sygnum expressly disclaims any and all liability that may be based on such information, omissions, or errors thereof. Any statements contained in this publication attributed to a third party represent Sygnum‘s interpretation of the data, information and/or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party. Sygnum reserves the right to amend or replace the information, in part or entirely, at any time, and without any obligation to notify the recipient of such amendment / replacement or to provide the recipient with access to the information. Simultaneously, there is no obligation of Sygnum to inform recipients of information, if before provided information later becomes outdated, inaccurate or obsolete, unless otherwise provided by applicable law. The information provided is not intended for use by or distributed to any individual or legal entity in any jurisdiction or country where such distribution, publication or use would be contrary to the law or regulatory provisions or in which Sygnum does not hold the necessary registration, approval authorization or license. Except as otherwise provided by Sygnum, it is not allowed to modify, copy, distribute or reproduce, display, license, or otherwise use any content for commercial purposes.

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