Perspectives from the Lighthouse

Q3 2025 was a turning point for crypto, defined by regulatory breakthroughs, a Fed rate cut, and rising institutional adoption amid global economic volatility. The market matured into a mainstream asset class, with record valuations, major IPOs, and expanding integration across traditional finance.

In Q2 2025, markets were whipsawed by Trump’s sweeping tariffs and the sudden Iran-Israel “Twelve Day War,” yet digital assets proved resilient as Bitcoin cemented its role as a macro hedge, stablecoins gained U.S. regulatory clarity under the GENIUS Act, and tokenised RWAs accelerated institutional adoption

In Q3 2024, crypto markets wrestled with SEC lawsuits and Ethereum’s underperformance versus Bitcoin, while new catalysts emerged from corporate Bitcoin purchases, ETF options approval, and rapid growth in stablecoins, DeFi, and crypto–AI convergence

In Q2 2024, crypto markets were rocked by inflation shocks, geopolitical tensions, and looming Mt. Gox Bitcoin distributions, while anticipation built for Ethereum’s first spot ETFs and a more favorable U.S. regulatory climate

In Q1 2024, crypto markets surged on record inflows to Bitcoin spot ETFs, while narratives around AI tokens, memecoins, and real-world asset blockchains drove sharp sector rotations