21Shares Mid-Year Crypto Review 2025: Key Insights and Trends

21Shares Mid-Year Review of Crypto Trends in 2025
21Shares reflects on remarkable developments in the cryptocurrency landscape.
Zurich – 21Shares, a recognized leader in cryptocurrency exchange-traded products (ETPs), has published its mid-year 2025 edition of the State of Crypto. This report provides insightful, data-based evaluations of the ongoing trends influencing the digital asset market.
The report revisits the bold predictions outlined by 21Shares in December 2024, assessing their accuracy as significant developments unfold. Predictions around the acceptance of Bitcoin by nation-states and the dominance of stablecoins in driving crypto adoption have materialized faster than anticipated, underscoring a remarkable shift in the market dynamics.
Key Findings from 21Shares' Report
The report sheds light on several important findings:
- Nations Embrace Bitcoin as a Reserve Asset: Countries are increasingly recognizing the value of Bitcoin within their financial systems. The U.S. has notably established a Strategic Bitcoin Reserve, cementing its title as the largest public holder with over 200,000 BTC. Additionally, nations, including Bhutan and El Salvador, have significantly increased their Bitcoin holdings, and places like Japan and the Czech Republic are beginning to explore Bitcoin reserve strategies.
- Growing Institutional Adoption through Crypto ETPs: With global assets under management (AUM) in cryptocurrency ETPs reaching an impressive $180 billion, predictions suggest this figure could surpass $250 billion if market conditions improve. A key achievement cited is the entry of a Bitcoin ETF into the top 25 list of ETFs globally.
- Solana's Rise Against Ethereum: The competition between Solana and Ethereum has intensified, with Solana quickly approaching as a formidable contender. It has significantly closed the gap on total value locked data, illustrating its growing influence and adoption.
- Regulatory Shifts Impacting Retail Access: The landscape for retail access to cryptocurrency is evolving as jurisdictions reassess their previous bans. Recent movements in the UK to lift the retail ban on crypto ETNs and proposals for Bitcoin ETFs in Japan reflect a budding acceptance.
- Stellar Growth of Stablecoins: Stablecoins currently boast a record AUM of $252 billion, alongside 35.7 million active addresses. Legislative advancements in the U.S. and notable innovations in markets such as Hong Kong and Thailand signal a significant rise in stablecoin adoption.
“This report is indicative of the crypto industry’s maturation,” stated Adrian Fritz, Head of Research at 21Shares. “Bitcoin is being redefined as a macro asset, Solana is positioning itself as a leader, and stablecoins are reshaping traditional finance, all while institutional and regulatory responses are catching up.”
Produced by the dedicated research team at 21Shares, the State of Crypto report represents the firm’s commitment to empowering investors through knowledge and understanding.
About 21Shares
21Shares, a leader in the provision of cryptocurrency ETPs and the creator of the first physically-backed crypto ETP in 2018, offers a comprehensive range of products aimed at simplifying cryptocurrency access for investors. With a proven track record and significant expertise in capital markets, 21Shares continues to innovate within the financial sector.
A member of the 21.co group, 21Shares is driven by a mission to bridge the gap between traditional and decentralized finance. For more information, please visit www.21Shares.com.
Contact: matteo.valli@21shares.com
Frequently Asked Questions
What insights does the mid-year 2025 report from 21Shares provide?
The report provides a comprehensive look at how key predictions have come to fruition, highlighting trends in Bitcoin adoption, stablecoin usage, and market capitalization of crypto ETPs.
How have nation-states reacted to cryptocurrency?
Nation-states are increasingly adopting Bitcoin as a strategic asset, with several countries enhancing their Bitcoin reserves to strengthen their financial portfolios.
What progress has been made regarding institutional adoption of crypto ETPs?
Institutional adoption has surged, with current global AUM surpassing $180 billion, and it is projected to exceed $250 billion amid favorable macroeconomic conditions.
How has Solana impacted Ethereum's market share?
Solana has emerged as a significant competitor to Ethereum, capturing more market share and closing the gap in total value locked on blockchain platforms.
What developments are happening with stablecoins?
Stablecoins are gaining traction with legislation supporting their use and initiatives in various countries to explore stablecoin adoption for everyday finance.
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