Galaxy Digital Crypto Outlook 2025 paper
Overview
Galaxy Research, the research arm of Galaxy Digital, publishes an annual set of crypto predictions; its 2025 edition was released around the start of that year and led by head of firmwide research Alex Thorn. The 2025 outlook forecast a new bitcoin all-time high during the year, projected U.S. spot bitcoin ETPs reaching $250 billion in assets under management, and predicted the stablecoin market capitalisation would roughly double to $400 billion. It also argued DeFi protocols would enter a "dividend era," distributing at least $1 billion of value to users and token holders. Galaxy has continued the series, with its later outlook putting bitcoin at $250,000 by the end of 2027 while calling 2026 unusually hard to forecast.
Within the DeFi Intel graph, Galaxy Digital Crypto Outlook 2025 connects to 6 tracked entities, most strongly to Alex Thorn, Galaxy Research, Bitcoin (BTC).
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 6 of 6 total).
| Relation | Connected entity | Confidence |
|---|---|---|
authors | Alex Thorn | 95% |
publishes | Galaxy Research | 95% |
covers | Bitcoin (BTC) | 90% |
covers | Ether (ETH) | 90% |
forecasts | Bitcoin (BTC) | 85% |
covers | Galaxy Research: RWA Tokenization Report 2024 | 85% |
Frequently asked questions
Who publishes Galaxy's annual crypto outlook?
Galaxy Research, the research arm of Galaxy Digital, with head of firmwide research Alex Thorn leading the predictions.
What did the 2025 outlook predict for stablecoins?
That the stablecoin market capitalisation would roughly double to $400 billion.
What did Galaxy predict for U.S. spot bitcoin ETPs in 2025?
That they would reach $250 billion in assets under management.
Sources
Facts on this page were verified against the following sources.