Why 2025 could be crypto's most explosive year yet
Three heavyweight reports drop in April, here’s what Fidelity, Coinbase, and Sygnum are all betting on (and what they’re not saying).
Every April, crypto institutions unveil their flagship outlooks for the year ahead. Like clockwork, April 2025 brought us three major reports from Fidelity Digital Assets, Coinbase Institutional, and Sygnum Bank. These are the heavyweight voices shaping institutional crypto narratives. But what are they actually saying?
In this breakdown, we compare all three reports, grouped by shared themes, spot the blind spots, and distil what investors really need to know.
Links to the reports
Bitcoin dominates the narrative
Fidelity treats Bitcoin as the supreme monetary good, arguing no other digital asset is likely to dethrone it. They emphasise Bitcoin’s unique combination of decentralisation, scarcity (21 million cap), and security, asserting that it's the most compelling store-of-value in a digital economy.
Coinbase highlights Bitcoin’s resurgence through ETF adoption and growing political legitimacy. They note that BTC dominance surged from 52% to 62% by late 2024, driven by institutional inflows and a supportive U.S. political climate.
Sygnum crediting Bitcoin ETFs for propelling BTC above $100,000 and calling 2025 a "watershed" year. They predict more demand shocks as institutions and possibly even governments pile in, further straining Bitcoin's already thin liquid supply.
Shared message: Bitcoin is the centre of gravity. Institutional flows, new regulatory clarity, and product wrappers (ETFs) are consolidating Bitcoin’s lead.
ETF approvals = a game changer
All three reports point to spot Bitcoin and Ethereum ETF approvals as a monumental shift.
Coinbase frames ETFs as not just legitimising crypto but anchoring demand. ETFs attracted over $30 billion in net inflows within the first 11 months.
Sygnum estimates inflow multipliers of 20x to 30x for each dollar entering ETFs, underscoring the reflexive dynamics of rising prices attracting more inflows.
Fidelity links ETF demand back to Bitcoin’s scarcity model, arguing it magnifies price reflexivity in a self-reinforcing loop.
Shared message: ETFs are the catalyst, enabling institutions to access crypto without infrastructure friction.
Institutional adoption is accelerating
All three agree: Institutions are finally here.
Sygnum calls institutional inflows "just beginning," expecting sovereign wealth funds, pension funds, and insurers to enter in 2025.
Coinbase backs this with 13F filings showing broad-based ETF holdings among endowments, family offices, and investment advisors.
Fidelity positions Bitcoin as the ideal entry point for these allocators, citing its simplicity and track record.
Shared message: 2025 is the year the institutional floodgates open.
Regulation is (finally) supportive
Sygnum and Coinbase cite Donald Trump’s pro-crypto stance, cabinet appointments, and a Republican sweep as pivotal. They see the SEC and other bodies pivoting towards enabling crypto innovation.
Coinbase sees MiCA in Europe and progressive regulation in UAE, UK, and Singapore reinforcing global momentum.
Fidelity is more cautious,noting regulatory uncertainty as a continuing risk.
Shared message: Regulation is becoming a tailwind, especially in the U.S.
Stablecoins & tokenisation: next frontiers
Coinbase sees stablecoins as crypto’s "killer app," citing $27T in transaction volumes and growth projections up to $3T in five years.
Sygnum echoes this, adding that tokenisation of RWAs (real world assets) could grow from $13.5B to as much as $30T.
Fidelity stays silent on both topics.
Shared message: Fiat-bridging tools (stablecoins) and real-world integration (tokenisation) are the next big growth engines.
What they’re not saying
None of the reports dive deep into privacy, CBDCs, or environmental concerns.
Fidelity avoids any discussion of Ethereum, stablecoins, or DeFi.
Coinbase and Sygnum sidestep Bitcoin’s energy use or risk in mining.
These omissions may reflect either a strategic narrowing of focus or deliberate avoidance of politically charged topics.
In summary: the 2025 playbook
The consensus is clear:
Bitcoin is king
ETFs have supercharged adoption
Institutional capital is inbound
Regulation is (mostly) turning friendly
Stablecoins and tokenisation are emerging powerhouses
All three reports suggest that we’re entering a new era, not just another bull cycle. The language is more confident, the predictions more precise. And while each report has its biases, their alignment paints a powerful picture. If you’re not already positioning for 2025, these reports suggest you’re already behind.