Cryptos in 2025: The predictions of the OAK Research team

Foreword: This article is partly based on our 2024 year-end report on the cryptocurrency market. We encourage you to read it for free or get a physical copy to support our work.

Disclaimer: The opinions and projects mentioned in this article are provided for informational purposes only. Each contributor has shared their personal predictions based on their interpretation of the market. The content should not be taken as financial advice or investment recommendations.

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Lilian Aliaga

In 2024, we witnessed the beginning of Bitcoin’s institutionalization, with the approval of Bitcoin spot ETFs in the United States and growing recognition from financial giants for this new asset (even as they criticized it just a few years prior). The Trojan horse has entered.

This dynamic should continue in 2025, with Bitcoin becoming increasingly integrated into traditional finance. But most notably, new players will enter the scene: nation-states. Donald Trump’s intent to establish a national Bitcoin reserve should reinforce the narrative of Bitcoin as a global standard for measuring value, likely inspiring other heads of state to follow suit.

Furthermore, we’re likely to see a flood of new applications for spot cryptocurrency ETFs, some of which may not be entirely serious. As with BTC and ETH, BlackRock will likely serve as an indicator of the legitimacy of these filings. Ultimately, certain cryptocurrencies will gain spot ETFs (in my view: SOL, DOGE, XRP, and at least one thematic basket of assets).

Regarding the cryptocurrency market itself, I believe memecoins will continue outperforming in 2025 because retail investors love them. However, I think AI Agents will join the movement—they have all the characteristics needed to succeed (fair launches, no VC involvement, strong communities, and alignment with trends that resonate with the general public). Exchanges that aggressively list memecoins and AI Agent tokens will be the gateway for retail investors. (For reference, in 2021, SHIB was the third most held asset on Crypto.com, and this scenario could easily repeat itself.)

The DeFi sector will regain adoption levels similar to 2021, though it will be more mature and resilient this time. However, there is still a significant gap between the economic value of DeFi protocols (TVL, revenues, etc.) and the valuation of their tokens in the market. In my opinion, this alignment will occur in 2025 (notably through the fee switch), propelling the tokens of major players to new heights (Aave, Lido, Uniswap, Ethena, etc.).

Bonus: Hyperliquid is a big bet because it will experience a bullish cycle similar to Solana in 2021 (for those who don’t remember, take a look at the chart). All the ingredients are there: ultra-efficient technology, a flawless product, no VC involvement, a cult-like community... In my view, HYPE will make it into the top 10—and maybe even surpass SOL.

→ To delve deeper, discover our research on ETF spot cryptos :

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Artem Sinyakin

The year 2025 looks incredibly interesting to me. For the first time, we have the U.S. government making its stance on Bitcoin—and by extension, cryptocurrencies—abundantly clear. That said, Bitcoin remains the dominant asset in discussions and general interest, often at the expense of altcoins (with a few exceptions) and Ethereum.

In my opinion, Ethereum will not remain dormant throughout the year. This blockchain and its ecosystem are currently going through a phase similar to what Cosmos experienced over the past three years: internal discord within the community, discouraging price action, and a slew of governance issues.

However, it’s important to note that most of the innovation in DeFi, wallets, Zero Knowledge Proofs, and decentralization-focused technology originates from the Ethereum ecosystem. I believe 2025 will be the year the giant begins to awaken. At some point, funds flowing into Bitcoin spot ETFs will trickle down into Ethereum spot ETFs, providing upward momentum for its price. Personally, I believe in ETH.

I also think that amidst a landscape filled with memecoins and irrationality, common sense will eventually prevail. That’s when people will begin studying protocols that generate yield, are profitable, and distribute revenue to their users. The protocols to watch in 2025 will be those activating the fee switch. The question then becomes: which ones?

In my view, the most interesting are Aave, Kamino, Raydium, and Lido. We’ve also written an article on this topic.

I also think the U.S. strategic Bitcoin reserve will be a disappointment. The U.S. won’t buy BTC. Instead, they’ve mentioned the possibility of integrating other cryptocurrencies seized in legal actions into their treasury. Personally, I’m not convinced of its effectiveness, but it’s still good news for the sector.

Lastly, I believe protocols focused on intents will perform increasingly well: eliminating MEV, ensuring fairer pricing for users, and forming partnerships with exchanges, market makers, and DEX aggregators. I’m personally keeping a close eye on this trend, which remains somewhat under the radar.

→ To go further, find our analysis on fee switch and the impact for DeFi:

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Grégoire Somlai-Jung

In 2025, the crypto ecosystem is expected to experience significant expansion, driven primarily by the United States. The Trump administration, with its deregulatory policies, could play a central role in this dynamic. Aligning U.S. policies with cryptocurrencies could accelerate both institutional and public adoption, particularly through Bitcoin purchases by corporations and governments. Such an approach would promote the integration of crypto-assets into the traditional economic system, enhancing their legitimacy.

Volatility is likely to remain a defining characteristic of the market. The political and economic context, including regulatory adjustments and speculative movements, could result in significant price swings. However, this would create opportunities for seasoned investors capable of capitalizing on these fluctuations.

Contrary to predictions of an imminent alt-season by some analysts, I believe Bitcoin will maintain its dominance in 2025. In my opinion, the United States will make a symbolic Bitcoin acquisition this year, an event the market is still undervaluing. Growing adoption by corporations and governments, especially by integrating Bitcoin into their reserves, will reinforce its role as a store of value.

Meanwhile, Ethereum currently appears to be losing momentum, which could benefit other Layer 1s (L1) positioned as more efficient alternatives, such as Solana, Sei, Sui, or Aptos.

Lastly, Solana, buoyed by the rise of memecoins and a more permissive regulatory environment, could solidify its position as one of the major altcoins, benefiting from these favorable dynamics.

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Joestar (@JoestarCrypto)

AI Agents will be the main narrative of this bull run, the one everyone remembers, and the first to successfully extend across all other narratives. The capabilities of AI Agents on the blockchain will eventually be discussed in Web2 media and enterprises.

Ultra-scalable Layer 2s, shared liquidity, and pre-confirmations will attract massive user adoption, while existing Layer 2s transition from Stage 0 to Stage 1 and then to Stage 2. Backed by an ultra-fast, composable, and reliable ecosystem, Ethereum will gradually regain investors’ trust.

Certain Validiums will redefine what is possible on a blockchain, putting EigenDA ahead of Celestia in the AltDA race. On the Blob front, demand will continue to explode, and Ethereum developers will work to add more Blobs faster than expected. The first Ethereum-native rollups will emerge, offering full access to Ethereum at rollup-level fees.

Solana, after an excellent start to the year, will find itself in a situation similar to Ethereum. Faced with competitors capable of doing better, it will encounter difficulties, likely disappoint, and will need to regain investors' trust in the following years.

The political context will heavily influence the crypto narrative and the bulk of the bull run. However, certain statements by Donald Trump will mark the top after a bull run that is more positive than most expected.

→ Check out our analysis on AI Agents, the trend of early 2025:

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Pasheur (@PowerPasheur)

The ranking of the largest crypto market capitalizations will change radically. Except for the primary tokens continuously supported by institutional players (BTC, ETH, SOL), the market will see a new list of assets emerge at the top, very different from the current lineup.

Between memecoins (TRUMP, PEPE), AI projects (Agents, DeFAI), and major upcoming launches (Berachain, Monad), I anticipate a reshuffling of the top 20 driven by a massive influx of liquidity. This redistribution will be catalyzed by disproportionate attention toward new, more attractive projects. Specifically, I expect HYPE and BERA to both land in the top 10 largest cryptos by 2025.

The airdrop model will continue to expand and reach record levels in 2025.

With Hyperliquid redefining the practice, many high-potential projects have taken notes and are actively working to integrate best practices into their token launches (e.g., Hyperlane, Movement, Mitosis).

Others have built such a rich ecosystem and strong community that it’s hard not to imagine record-breaking valuations (Berachain, Monad).

Finally, some projects offer exceptional value propositions and possess excellent product-market fit (Story, Pump dot Fun, Kaito), hinting at great redistribution potential for their users.

The intersection of these three phenomena makes me extremely confident in the potential for airdrops in 2025 to achieve historic valuations, with more than $20 billion distributed by the end of the year.

→ Find out Pasheur's analysis of airdrops in 2024 and predictions for 2025:

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Victor (@victor_crypto_)

The artificial intelligence (AI) narrative will be the most powerful in 2025. It will capture the sector's highest mindshare, stimulate the most innovation, produce the most high-quality projects (and, naturally, the most vaporware), and drive the largest cryptocurrency performances.

The AI sector will grow so large that it will need to be divided into multiple subcategories (we’re already seeing this with DeFAI). It will become the most capitalized domain in the cryptocurrency market, by far.

Additionally, a major AI protocol will break into the top 10 cryptocurrencies (Will it be an AI Agent framework/platform like Ai16z, Arc, or Virtuals? The narrative leader, Bittensor? Or a yet-to-be-launched major protocol?).

I believe AI Agents will experience a bubble even bigger than NFTs did in 2021–2022:

• AI has immense future potential, and therefore immense speculative potential.
• AI Agents are a very retail-friendly narrative (e.g., Zerebro making music on Spotify, Bully bullying people on Twitter, Luna creating TikTok videos…).
• “AI Agent frameworks are the new shiny crypto infrastructure.”
• AI Agents have massive use case potential and can genuinely simplify Web3 UX and onboarding for the masses.
• 99.9% of AI Agents will quickly go to zero once the bull run euphoria subsides.

It’s possible that by the end of the year, we’ll see the emergence of a highly powerful AI model trained in a distributed/decentralized way. Startups like Nous Research and Prime Intellect will make major strides in this area. Companies like Exo Labs, Hyperspace, and Hyperbolic will help bring this future to fruition.

Finally, DeFAI will bring DeFi back into the spotlight while revolutionizing how we interact with it. DeFAI won’t replace DeFi but will serve as an abstraction layer to greatly simplify its use. DeFAI will establish long-term habits in DeFi usage, and leading projects will see significant growth in market capitalization.

Bonus: Ethereum will surpass $10,000. (I hope my crystal ball isn’t gathering dust.)

Disclaimer: Maybe I’m completely wrong, AI Agents won’t generate any buzz, the crypto AI sector will flop repeatedly, and Ethereum will perform like EOS in 2021.

→ Here's our factsheet on Bittensor (CAT) and its ecosystem:

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GLC Capital (@GL_Capital_)

Many investors get caught up in short-term noise, overlooking the larger trends shaping Bitcoin’s future. Recent market overreactions, from fears of recession to concerns about an overly strong economy, reflect this pattern. The FED’s cautious stance has fueled panic about fewer rate cuts, but Bitcoin is not a typical risk asset. In 2025, it will be driven by its own powerful catalysts.

The cyclical nature of Bitcoin remains consistent when using the halving as a reference point to compare different cycles. Historical patterns show strong alignment with previous cycles, pointing to a likely bullish trajectory in the first half of the year. The hyper-acceleration phase, yet to begin, is expected to coincide with other major catalysts shaping Bitcoin’s performance.

ETFs are the clearest proxy for institutional interest in Bitcoin, and it’s clear they want to play. After breaking records in 2024, 2025 is poised for even greater inflows as major players still need to enter the space. With BlackRock endorsing allocations of up to 2% and the first year for ETFs historically being the slowest, billions more are expected to flow into Bitcoin ETFs. 

We anticipate the Fed to adopt a gentler approach in 2025, as their conservative stance during the last meeting was shaped by rising inflation and uncertainty around Trump. However, with inflation and uncertainty both easing, the Fed is likely to implement more accommodative measures, potentially cutting rates more than the market currently expects.

The implementation of a U.S. strategic Bitcoin reserve should ignite a game-theory-driven chain reaction, with countries, companies, and retail investors following suit. Combined with regulatory easing and a clear framework fostering innovation, this scenario is set to accelerate adoption and create a frenzy of activity, solidifying Bitcoin’s role in the global financial landscape.

Ultimately, 2025 could be the year of unprecedented success for this market. It could be… If we have a shred of moral sense and stop blindly chasing every meme launch, it’s time to focus on what truly drives innovation forward. Don’t be short-sighted—stand up for your values.

To discover GL Capital's complete predictions, read their article published on X :