Crypto Market Update: July 4, 2025

The first days of July brought a flurry of events that shook the crypto market. Capital poured into ETFs at the fastest pace in weeks.

Dormant wallets, untouched for over a decade, suddenly sprang to life. A billion-dollar hack made headlines. And legal battles are putting major crypto strategies under scrutiny.

At the same time, new investment products are gaining traction, regulators are tightening their grip, and legacy financial institutions are quietly preparing their next move into digital assets.

It feels like momentum is returning — but not without tension. Prices are shaky. Sentiment is split. And beneath the surface, uncertainty is growing.

This isn’t just another news cycle. It might be the start of something bigger. Here’s what’s happening — and why it matters. 👇

Bitcoin Breaks $110,000 and Tests New All-Time High: What’s Driving the Surge

Source: Coinmarketcap

Bitcoin (BTC) surged past $110,000 on Wednesday (July 3), reaching its highest level since its previous all-time high.

The rally is fueled by massive inflows into Bitcoin ETFs, growing expectations of U.S. interest rate cuts, and strong institutional demand.

The attempt to break through the $112,000 mark is reigniting bullish sentiment in the crypto market.

What’s Behind Bitcoin’s Surge?

The recent price increase is largely driven by strong institutional capital inflows.
Spot Bitcoin ETFs in the U.S. saw $408 million in net inflows on the previous day — one of the highest single-day intakes since May.

And it’s not just Bitcoin drawing attention:
Solana attracted $12 million on the first day of its ETF launch, while Ethereum posted slight outflows of $2 million, signaling a clear investor preference for BTC as a hedge asset.

Another major catalyst came from the Chinese company Addentax, which announced plans to acquire 12,000 BTC — a purchase worth over $1.3 billion.
Moves like this strengthen the perception that large institutions see Bitcoin as a store of value in the face of expansive U.S. fiscal policy.

Economic and Geopolitical Context Supporting BTC

U.S. economic policy has played a key role in Bitcoin’s rally.
The U.S. dollar fell to its lowest level in three years after the passage of the so-called “Big Beautiful Bill,” which raised the federal spending cap by over $3 trillion.

This weakening of the dollar, combined with the expectation that the Federal Reserve may cut rates in July, creates a favorable environment for alternative assets like Bitcoin.

Additionally, tensions between the U.S. and China eased after the U.S. relaxed semiconductor export restrictions and granted Chinese access to strategic minerals.
This trade truce reduced global risk and boosted demand for risk-on assets.

Technical Indicators and Market Sentiment

Bitcoin’s current bull cycle has lasted 952 days, with the price climbing more than 6x since the November 2022 low of $15,504.

Still, this growth is slower than previous cycles — a possible sign that the market is maturing and entering a more stable long-term phase.

What’s Next for the Market?

The next few days could be critical.

The upcoming U.S. jobs report (payroll data) may influence the Fed’s decision on interest rates.

If a rate cut is confirmed for July, Bitcoin could gather fresh momentum and break the $112,000 resistance.

Capital flows into ETFs and institutional positioning around Fed policy will remain key indicators to watch.

While the outlook is optimistic, upcoming macroeconomic events will likely determine whether BTC merely tests its all-time high — or breaks through it for real.

Bitcoin ETFs Attract $602 Million in a Single Day Amid U.S. Fiscal Stimulus Expectations

Bitcoin ETFs traded in the United States saw a strong capital inflow on July 3, 2025, with a total of $601.8 million in net inflows — the largest daily intake since May.

The surge was driven by expectations of tax cuts and fiscal expansion in the U.S. following the approval of Donald Trump’s new legislative package.

Key Highlights of the Bitcoin ETF Inflows

• BlackRock (IBIT): $224.5 million in inflows
  
• Fidelity (FBTC): $237.1 million
  
• ARK Invest (ARKB): $114.2 million
  
• Grayscale (GBTC) and Franklin Templeton (EZBC): flat or negligible flows
  

This sharp increase comes after weeks of muted inflows, marking a shift in institutional appetite for Bitcoin exposure through regulated ETFs.

Why Did Bitcoin ETFs Attract So Much Capital?

According to analyst Peter Chung (Presto Labs), investors are responding to the potential approval of the so-called “Big Beautiful Bill,” a fiscal plan proposed by Trump that expands tax cuts and raises the U.S. debt ceiling.
The measure is expected to inject more liquidity into the market and increase demand for risk assets like Bitcoin.

Bitcoin Price Reaction

Despite the strong ETF inflows, Bitcoin’s price dipped 0.8%, trading at around $108,964 on the morning of July 4.
The decline reflected the impact of the latest U.S. jobs report for June, which exceeded expectations:

• 147,000 new jobs added
  
• Unemployment rate fell to 4.1%
  

These figures reduce pressure on the Federal Reserve to implement immediate rate cuts, balancing out fiscal optimism.

Bitcoin Falls to $108K After 80,000 BTC Moved from 14-Year Inactive Wallets

Source: Coinmarketcap

Bitcoin’s price dropped below $108,000 on Friday (July 4) following the movement of 80,000 BTC (around $8.7 billion) from wallets that had been inactive since April 2011.
The transaction sparked speculation about Satoshi Nakamoto and increased volatility across the crypto market.

What Triggered Bitcoin’s Drop?

The movement of coins dormant for over 14 years created a wave of uncertainty among investors.
Many interpreted the event as either profit-taking or a potential dump on the market.

• The amount moved represents nearly 1% of Bitcoin’s total supply
  
• The transactions were split across two blocks of 40,000 BTC
  

The transferred BTC were originally mined when the price was around $0.78 — and with each Bitcoin now worth over $108,000, that represents a return of more than 140,000x.

Despite the speculation, there’s no evidence linking the wallets to Bitcoin’s creator, Satoshi Nakamoto.
On-chain analysts such as Lookonchain and Whale Alert found no direct connection to addresses historically associated with Satoshi.

Impact on the Crypto Market

• Bitcoin lost support at the $110,000 level, triggering liquidations of long positions
  
• Short positions increased, with traders betting on further downside
  
• The event raised concerns about large volumes potentially entering exchanges, although the funds haven’t yet been deposited to any trading platforms

Historical Context

Movements from old wallets aren’t new. In 2023 and 2024, several “Satoshi-era wallets” made similar transfers, often with no major impact on price.
What sets this event apart is the sheer size of the transaction.

The transfer of 80,000 BTC has reignited caution in the market and led to a temporary price dip.

While the direct impact remains uncertain, events like this always warrant close monitoring by investors and analysts.

Companies Sue Strategy Over Bitcoin Losses

Source: CoinCentral

Strategy (formerly MicroStrategy) is facing at least five class-action lawsuits in the United States.

Law firms allege the company misled investors about its Bitcoin investment strategy, negatively impacting shareholder decisions and the company’s stock price between April 2024 and April 2025.

The lawsuits claim that Strategy:

• Omitted or downplayed the market risks of its large-scale Bitcoin purchases.
  
• Overstated the potential for BTC price appreciation.
  
• Misled investors, which affected the valuation of its stock during the period.

These allegations fall under securities fraud, according to the firms leading the cases.

Law Firms Involved and the Battle for Lead Plaintiff

Five major U.S. law firms have filed class actions:

• Pomerantz LLP
  
• Gross Law Firm
  
• Bronstein, Gewirtz & Grossman
  
• Kessler Topaz Meltzer & Check
  
• Levi & Korsinsky
  

Each firm is competing to be appointed lead plaintiff counsel — a role that comes with control over the case and potential multi-million dollar fees.

A judge is expected to decide after July 15, 2025, the deadline for investors to join the case.

Financial Impact: Billion-Dollar Bitcoin Loss

• Strategy bought BTC at an average price of $95,000 per coin.
  
• When Bitcoin dropped to $82,000, the company reported unrealized losses of over $6 billion.
  
• The company’s stock plummeted, with a loss of $16.49 per share.
  

These figures strengthened the argument that the company underestimated the risks tied to its crypto allocation strategy.

Company’s Official Response

Strategy acknowledged the lawsuits in a filing with the U.S. Securities and Exchange Commission (SEC) but stated it will “vigorously defend itself.”

The company has not commented on the claims, potential settlements, or monetary figures.

Broader Implications for the Crypto Market

This case could set a significant legal precedent:

• Publicly traded companies accumulating crypto may be required to increase transparency.
  
• Institutional investors might demand more detailed risk disclosures.
  
• Regulators could tighten reporting requirements for digital assets.

Bybit Hack Breaks Record and Pushes 2025 Crypto Losses to R$11.5 Billion

Source: Crypto News

According to a report by TRM Labs, the first half of 2025 saw $2.1 billion in stolen cryptocurrencies — equivalent to approximately R$11.5 billion.

This marks the highest loss recorded since 2022, surpassing all previous industry records.

The majority of the damage is tied to a single incident: the February 2025 hack of the crypto exchange Bybit.

The breach resulted in the theft of around $1.5 billion in Ethereum and related tokens, accounting for over 70% of total losses in the first half of the year.

How Did the Bybit Hack Happen?

According to TRM Labs and Safe (a multisig wallet platform), the attack originated from a developer’s laptop compromised by a malicious Docker script.

This method gave hackers access to sensitive internal data — including credentials for multisig contracts and hot wallets connected to the platform.

With this privileged access, they extracted approximately $1.5 billion in ETH and compatible tokens, making it one of the largest crypto exchange hacks in history.

North Korea Blamed for Majority of Crypto Thefts

Roughly 70% of all crypto stolen in 2025 has been linked to North Korean hacking groups, particularly the Lazarus Group, according to U.S. authorities.

TRM Labs suggests these cyberattacks are part of a state-backed strategy to fund North Korea’s nuclear and military programs using digital assets.

Impact on the Global Crypto Market

• Trust in centralized exchanges has taken a major hit.
  
• Calls for international crypto security regulations are growing louder.
  
• The incident reignites debate around operational security and digital risk management on major platforms.

The billion-dollar Bybit hack has set a new benchmark for crypto-related crimes in 2025.

With attacks stemming from compromised internal devices and suspected state involvement, the situation demands urgent action from exchanges, regulators, and users alike.

Tighter cybersecurity standards and technical audits are expected to become mandatory across the crypto industry in the coming months.

Ripple Ends Legal Battle with SEC and Confirms It Won’t Appeal XRP Case

Ripple Labs has officially announced it will not appeal the court decision in its case with the U.S. Securities and Exchange Commission (SEC), bringing to a close one of the most significant legal battles in crypto history.

CEO Brad Garlinghouse stated the company is “closing this chapter once and for all,” following Ripple’s formal withdrawal of its cross-appeal.

Background: The Ripple vs. SEC Case Over XRP

• In 2020, the SEC sued Ripple for raising $1.3 billion through the sale of XRP, alleging it was an unregistered security.
  
• In 2023, a U.S. court ruled that:
  
  • Retail sales of XRP (via exchanges) are not securities.
    
  • Institutional sales of XRP are considered securities.
    
  • Ripple was ordered to pay a $125 million fine, far below the $2 billion originally sought by the SEC.

Why Did Ripple Drop the Appeal?

In June 2025, Ripple proposed a reduced fine of $50 million and asked for the injunction on institutional sales to be lifted.
The court rejected the request.

Faced with that, Ripple chose not to proceed with further appeals — a move that solidifies the prior ruling and avoids drawn-out litigation.

What Changes for XRP Now?

• XRP remains non-security for retail trading on exchanges.
  
• Institutional sales, however, still require regulatory compliance, as they continue to be classified as securities in the U.S.
  
• Ripple will pay the court-ordered fine and can now operate with greater legal clarity and predictability.

Why Is the Case Still Technically Open?

Even with Ripple’s public withdrawal and expectations that the SEC will follow suit, the case remains active for three reasons:

1. Judicial approval is still pending — the judge has not yet officially signed off on the settlement.
   
2. Internal disagreements at the SEC — some commissioners, like Caroline Crenshaw, oppose the resolution.
   
3. Pending technical rulings — the court must confirm the fine and determine whether the injunction remains in effect.

Ripple Steps Back, but the Court Has Final Say

On June 27, 2025, CEO Brad Garlinghouse announced Ripple’s formal withdrawal from the appeal.

The expectation is that the SEC will also close its part of the case.

However, the legal process is not officially over until the federal court validates all terms and formally closes the case.

Despite progress, the Ripple vs. SEC case is still in motion. Final resolution depends on:

• A court decision confirming the fine.
  
• The SEC’s withdrawal of its appeal.
  
• Formal closure by the U.S. judicial system.
  

Until all of this is completed, the legal battle between Ripple and the SEC remains technically active, though it’s expected to conclude in the coming months.

Bitcoin Alkanes: Native Smart Contracts Are Bitcoin’s Next Leap After Ordinals and Runes

Source: Decrypt

Bitcoin is preparing to take another major step beyond its role as a store of value.

Following the rise of Ordinals (Bitcoin-native NFTs) and the Runes protocol (simple fungible tokens), a new innovation is emerging: Alkanes — a groundbreaking metaprotocol aiming to bring native smart contracts to Bitcoin’s Layer 1, without relying on Layer 2s, bridges, or sidechains.

What Is the Alkanes Protocol?

Developed by Oyl Corp, Alkanes is an on-chain metaprotocol that leverages WASM (WebAssembly) to enable the execution of smart contracts directly on the Bitcoin mainnet.

These contracts are embedded in Bitcoin blocks using data fields like OP_RETURN and witness, preserving the security, decentralization, and immutability that define Bitcoin.

Protostones and Orbitals: Programmable Tokens Embedded in Bitcoin

Alkanes introduces two core innovations:

• Protostones: Execution units that contain multiple programmable instructions — including mint, burn, swap, staking, and AMM logic.
  
• Orbitals: Fungible tokens (comparable to ERC-20s) that are natively programmable on Bitcoin.

Unlike Ordinals, which are static inscriptions, Protostones and Orbitals come with execution logic, enabling the development of decentralized applications (DApps) and DeFi protocols natively on Bitcoin.

How Alkanes Works in Practice

• Uses WebAssembly-compiled smart contracts for speed, portability, and security.
  
• All executions occur on-chain, fully auditable and verifiable by any Bitcoin full node.
  
• Supports programmable tokens, compatible wallets, AMMs, staking, and swaps — with no Layer 2 dependency.
  

Alkanes is the first practical attempt to turn Bitcoin into a programmable network like Ethereum, without compromising base-layer security.

Expanding Ecosystem: Tools and Integrations

The Alkanes launch includes:

• Metashrew Indexer for on-chain Protostone exploration
  
• Wallet integration (e.g., LaserEyes) and explorers like Ordiscan
  
• Open-source codebase for developers on GitHub
  
• Plans for integration with stablecoins, DEXs, AMMs, and native digital asset marketplaces

From “Digital Gold” to Web3 Platform

The Alkanes protocol signals a new era for Bitcoin — moving from passive value storage to becoming a smart contract platform.

With native support for programmable assets, decentralized finance, and custom logic, Bitcoin is stepping into the Web3 space on its own terms: with native execution, base-layer security, and zero dependency on external layers.

First Solana ETF With Staking Launches in the U.S.

The U.S. crypto market has just welcomed a groundbreaking product: the REX-Osprey Solana + Staking ETF (ticker: SSK) — the first U.S.-listed ETF offering direct exposure to Solana (SOL) with passive income through staking.

The fund began trading on July 2, 2025, on the Cboe BZX Exchange.

What Is the SSK ETF?

The SSK ETF is designed to give investors institutional-grade access to SOL while automatically generating staking rewards.

• Approximately 80% of the tokens are staked, with the rewards returned to the fund — benefiting shareholders.
  
• It is structured under the Investment Company Act of 1940, distinguishing it from traditional crypto ETFs, which are typically based on the Securities Act of 1933.
  

Secure Custody and Infrastructure

• Anchorage Digital, a fully licensed financial institution, handles the custody of SOL tokens and staking operations.
  
• The fund’s robust regulatory infrastructure ensures compliance with SEC regulations and offers institutional-grade protection, giving it an edge over offshore alternatives.

Launch Highlights: $33M in Trading Volume

On its first trading day, the SSK ETF recorded:

• $33 million in volume, outperforming altcoin ETFs such as those tied to XRP.
  
• $12 million in assets under management (AUM), based on initial market data.
  

While trading volume remains lower than that of Bitcoin (BTC) and Ethereum (ETH) ETFs, analysts and fund managers viewed the debut as strong and promising.

Key Advantages of the Solana Staking ETF

• Direct exposure to SOL via traditional brokerages — no crypto wallet setup required.
  
• Automatic staking rewards, without the need for personal custody or technical configuration.
  
• U.S.-listed and regulated, ideal for both retail and institutional investors.

Risks and Challenges

Despite the benefits, investors should be aware of a few concerns:

• SOL remains highly volatile — the token dropped to $145 shortly before the ETF launched.
  
• Act of 1940 structure may imply higher management fees and limited operational flexibility.
  
• Institutional demand is still in its early stages, though showing signs of growth.

Impact of the SSK ETF on the Crypto Market

The launch of the Solana staking ETF represents:

• A milestone in the institutionalization of altcoins in the U.S.
  
• A pathway for future passive-income ETFs tied to other tokens like Ethereum, Cardano, or Avalanche.
  
• Further validation of Solana as a leading smart contract platform with real-world use cases in regulated financial products.

Circle Applies for U.S. Banking License to Custody USDC Reserves

Source: Crypto Briefing

Circle, the issuer of the stablecoin USDC, has taken a strategic step by applying for a federal banking license in the United States.

The application aims to establish the First National Digital Currency Bank, N.A., allowing Circle to operate as a national trust bank and gain direct control over the custody of its USDC reserves.

This move comes just weeks after Circle’s IPO on the NYSE, which valued the company at nearly $18 billion.

What Does Circle Intend With the Banking License?

If approved, the new structure would enable Circle to:

• Internally custody the reserves backing USDC, reducing reliance on partners like BNY Mellon or BlackRock.
  
• Offer custody services for tokenized digital assets, including blockchain-based stocks and bonds.
  
• Comply directly with the Genius Act, a new U.S. stablecoin law that demands enhanced regulatory oversight for stablecoin issuers.
  

Important: This is not a license for lending or taking dollar deposits. As a trust bank, the license is focused solely on custody and digital asset services.

What’s the Impact on the Crypto Sector?

Circle’s banking application:

• Strengthens the legitimacy of stablecoins within the U.S. banking system.
  
• Positions USDC as a stablecoin backed by regulated, transparent infrastructure.
  
• Puts Circle in the same category as Anchorage Digital, the first crypto firm to receive a similar trust charter in 2021.

By proactively aligning with regulatory expectations, Circle reinforces its position as a key institutional infrastructure provider for digital assets.

Why This Matters for the Market

• USDC is the world’s second-largest stablecoin, behind only USDT.
  
• A federal banking license could boost trust among institutional investors, governments, and large enterprises.
  
• It reduces systemic risk tied to third-party custody — a critical issue following the collapse of several centralized platforms.
  

Circle’s bid to become the first major stablecoin issuer with a federal bank license in the U.S. marks a pivotal moment in bridging crypto and traditional finance.

With this license, Circle would enhance the security and transparency of USDC while expanding its role in institutional custody and asset tokenization.

Deutsche Bank and Sparkassen Announce Crypto Services for 2026

Source: Crypto Adventure

Deutsche Bank, one of Germany’s oldest and most established financial institutions, has announced plans to launch a full-service crypto custody and trading platform in 2026.

The initiative will be enabled through partnerships with Bitpanda Technology Solutions and crypto infrastructure provider Taurus.

Meanwhile, Sparkassen-Finanzgruppe — Germany’s largest banking group — also revealed that its customers will be able to buy and sell Bitcoin and other digital assets directly through their regional bank apps.

Deutsche Bank’s Crypto Offering

The bank’s crypto strategy includes:

• Secure custody of digital assets for institutional clients
  
• Direct cryptocurrency trading in a regulated environment
  
• Exploration of stablecoins and tokenized deposits within the European banking system
  

Deutsche Bank’s infrastructure will integrate with Taurus, a crypto tech firm in which the bank invested in 2023 — reinforcing its long-term commitment to digital assets and tokenization.

Sparkassen to Enable Crypto Purchases via Mobile App

Sparkassen, with over 300 regional banks and 50 million customers, plans to roll out in-app crypto trading services by 2026.
The goal is to provide simple, secure, and regulated access to Bitcoin and other digital assets through traditional banking channels — expanding crypto adoption across Germany.

Regulation and Institutionalization of Crypto in Germany

The entry of Deutsche Bank and Sparkassen into the crypto market:

• Builds trust among both institutional and retail investors
  
• Paves the way for products like bank-issued tokens, stablecoins, and on-chain payments
  
• Positions Germany as a European leader in banking-blockchain integration

A New Era for Crypto in European Banking

The moves by Deutsche Bank and Sparkassen signal that Europe’s banking sector is ready to embrace crypto.

With both platforms scheduled for launch in 2026, these two major players are expected to accelerate institutional adoption of Bitcoin and digital assets — offering secure, regulated, and integrated infrastructure within the traditional financial system.

New U.S. Senate Bill Proposes Tax Breaks for Cryptocurrencies

Source: Crypto Economy

On July 3, 2025, Senator Cynthia Lummis introduced the Crypto Tax Clarity Act, a bill aimed at exempting small crypto transactions from capital gains taxes and eliminating double taxation on mining and staking rewards.

The proposal comes in response to the exclusion of crypto tax relief measures from the recently passed U.S. tax package.

What Does the Crypto Tax Clarity Act Propose?

1. Tax Exemption for Microtransactions
Crypto transactions up to $300 — including Bitcoin and stablecoins — would be exempt from capital gains tax, with an annual cap of $5,000 per taxpayer.

2. End of Double Taxation on Mining and Staking
Currently, miners and stakers are taxed when they receive rewards. The bill proposes taxing only upon sale or conversion, aligning with more equitable accounting practices.

3. Mark-to-Market Accounting for Businesses
Companies holding digital assets could use mark-to-market accounting, reporting gains and losses based on current market value — a method that simplifies tax reporting and reduces uncertainty.

4. Exemption for Crypto Loans and Donations
Loans backed by crypto and donations to registered charities would be non-taxable, provided they are properly documented.

Why Is This Proposal Important?

The bill aims to modernize U.S. tax law in response to the growing crypto sector and to remove fiscal barriers that hinder the everyday use of Bitcoin and other digital assets.

It also reflects a broader effort among pro-innovation lawmakers to support financial technology competitiveness in the U.S.

Legislative Process and Outlook

After these provisions were left out of the recent “Big Beautiful Bill”, Senator Lummis is now pushing the Crypto Tax Clarity Act as a standalone measure.

The bill must pass through Senate committees before reaching the floor. It has already received backing from crypto advocacy groups, including the Blockchain Association.

If Passed, the Bill Could:

• Reduce red tape for both crypto users and businesses
  
• Encourage crypto use as a medium of exchange
  
• Prevent disproportionate tax penalties
  
• Create legal certainty for staking, mining, and institutional operations
  

The Crypto Tax Clarity Act could be a pivotal step in shaping a crypto-friendly regulatory framework in the U.S.

Bitcoin ETFs See R$1.8 Billion in Outflows After 15 Days of Inflows

Spot Bitcoin ETFs in the United States ended a 15-day streak of net inflows with a net outflow of $342.2 million (approximately R$1.8 billion), according to Farside Investors data released on July 1, 2025.

What Triggered the Bitcoin ETF Outflows?

The reversal in flows came after comments by Federal Reserve Chair Jerome Powell, who signaled a prolonged period of high interest rates and growing trade uncertainties in the U.S.
These macroeconomic signals increased risk aversion among institutional investors, impacting demand for crypto-related assets — especially Bitcoin-tracking ETFs.

Which Bitcoin ETFs Were Most Affected?

• FBTC (Fidelity Wise Origin Bitcoin ETF): $172.7 million in outflows — the largest of the day
  
• GBTC (Grayscale Bitcoin Trust): $119.5 million in redemptions
  
• BITB (Bitwise Bitcoin ETF): $23 million withdrawn
  
• ARKB (ARK 21Shares ETF): $27 million in outflows
  
• IBIT (BlackRock iShares Bitcoin Trust): No redemptions — remains the leader in year-to-date net inflows

Context: 15 Straight Days of Inflows Before the Pullback

Prior to this drop, spot Bitcoin ETFs had posted 15 consecutive days of inflows, totaling over $4 billion.

Analysts view the July 1 pullback as a healthy correction following intense institutional buying.

What About Bitcoin’s Price?

Source: Coinmarketcap

Despite the ETF withdrawals, Bitcoin (BTC) remained stable, closing the day at $108,899, with a slight gain.
This suggests the impact of the outflows was limited and that market confidence in BTC remains strong in the medium term.

The $342 million outflow marks the end of a strong bullish streak but does not indicate a broader trend reversal.

The move was driven by macroeconomic factors and a portfolio risk adjustment by institutions.

Bitcoin ETFs continue to attract significant inflows in 2025, reflecting sustained long-term interest in crypto from investors.