Galaxy Research: BTC may reach $185,000 in Q4 next year, ETH may exceed $5,500

Galaxy Research released a 2025 forecast report covering Bitcoin and Ethereum prices, DOGE, stablecoins, DeFi, L2s, policies, VC, etc. The details are as follows: -BTC will break through $150,000 in the first half of the year and test or reach $185,000 in the fourth quarter of 2025. -ETH will trade at more than $5,500. -The asset management scale of US spot Bitcoin ETPs will exceed $250 billion. -Bitcoin will once again become one of the best risk-adjusted performing assets among global assets. -At least one top wealth management platform will announce a recommended Bitcoin allocation of 2% or more. -Five Nasdaq 100 companies and five nation-states will announce the addition of Bitcoin to their balance sheets or sovereign wealth funds. -Bitcoin developers will reach a consensus on the next protocol upgrade. -More than half of the top 20 publicly traded Bitcoin miners by market value will announce transformation or partnerships with hyperscale providers, artificial intelligence or high-performance computing companies. -Bitcoin DeFi (identified as the total amount of BTC locked in DeFi smart contracts and deposited in staking protocols) will almost double in 2025. -Ethereum staking rate will exceed 50%. -ETH/BTC ratio will be below 0.03, but above 0.06 by the end of the year. -L2 as a collective will generate more economic activity than Alt L1. -DeFi will enter the "dividend era" as on-chain applications distribute at least $1 billion in notional value to users and token holders from treasuries and revenue sharing. -On-chain governance will usher in a resurgence, and applications will experiment with future governance models. -The world's four largest custodian banks will custody digital assets. -There will be at least ten stablecoins launched, supported by TradFi partners. -The total supply of stablecoins will double to over $400 billion. -Tether’s long-standing market dominance will fall below 50%, challenged by yield alternatives like Blackrock’s BUIDL, Ethena’s USDe, and even USDC rewards paid by Coinbase/Circle. -Total crypto venture capital will exceed $150 billion, up more than 50% year-over-year. -Stablecoin legislation will pass both houses of Congress and be signed by President Trump in 2025, but market structure legislation will not. -The U.S. government will not buy Bitcoin, but will use the Bitcoin it already holds to build reserves, and there will be actions within departments and agencies to study policies to expand Bitcoin reserves. -The SEC will launch an investigation into Prometheum, the first so-called “special purpose broker-dealer.” -Dogecoin will eventually reach $1 and a market cap of $100 billion.