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Q3 2025 Quarterly investment outlook

Sector updates Research reports

This is our Q3 2025 quarterly investment outlook, a report from Sygnum Investment Research. 

Report highlights: 

  • Geopolitical tensions, Trump’s tariff skirmish and a worsening fiscal situation in the US and other Western countries led to a broad correction across the altcoin sector early last quarter. But strong regulatory tailwinds and a resurgence in on-chain activity coupled with plentiful liquidity may ignite the long-awaited altseason.
  • Liquidity trends are extremely bullish for Bitcoin, with the growing supply and demand imbalance having finally culminated in an upside breakthrough and to new all-time highs. Ethereum now exhibits similar trends with falling exchange balances, strong ETF inflows and staking now accounting for nearly 30 percent of the total liquid supply.
  • The Bitcoin strategic reserve trend is advancing as several US states have now signed bills into law and more governments are proposing Bitcoin reserves. However, there is a similar number of states rejecting Bitcoin reserve bills, and no entity has made actual Bitcoin purchases yet.
  • The House advanced the GENIUS Act with bipartisan support, sending it to the President’s desk as the first major crypto legislation to clear Congress, while the CLARITY Act and the Anti-CBDC Surveillance Act now await Senate consideration.
  • Stablecoin regulation and a shift in tone from US policymakers supporting dollar-backed stablecoins as a powerful tool to prevent de-dollarisation has led to a host of banks, Fortune 500s, retailers and private firms to launch their own stablecoin initiatives.
  • The improved regulatory conditions are clearly favouring compliance-focused issuers such as Circle, whose IPO and strong stock performance, as well as its application for a national bank charter, position it as the primary beneficiary in recent months. Paxos, Ripple, and BitGo are also pursuing bank licences to expand their role as stablecoin infrastructure providers.
  • Ethereum’s negative sentiment has flipped following the successful Pectra upgrade which raised the staking cap and introduced several protocol improvements. Revenue growth and strong ETF inflows have followed, supported by the SEC’s clarification that protocol staking does not fall under securities law, which improves the odds of staking approval later this year.
  • The ETF pipeline now consists of dozens of pending approvals, with several Solana resubmissions recently updated to include in-kind redemptions and staking. The first two multi-index ETF funds were also approved recently, however, the SEC consequently paused the launches. The SEC has indicated that they might issue generic rules instead of requiring case-by-case approvals.
  • DEX to CEX spot volumes reached new all-time highs, with DEXs now accounting for nearly 30 percent of all trading activity. However, most of this growth is linked to memecoin issuance and trading, much of which has shifted from Solana to BNB Chain and Base.
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This 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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