2025 Q3 Research Report

The Quarter Crypto Grew Up

Good morning, Q3 wasn’t about a new story. It was the quarter the market structure finally caught up: policy, products, and plumbing aligned, and the “treasury trade” ran into its first real stress test.

Headlines at a Glance

The Fed turns dovish: September’s first rate cut since 2020 put $7T in idle cash back in motion. Wall Street Soaks Up Bitcoin: $90.7B in Corporate Holdings

Gold hits records: hedge demand stayed sticky even as equities rallied.ETFs Tighten the Float: Absorbing BTC 6x Faster Than It’s Mined

ETH > BTC: 72% quarterly surge driven by ETF inflows and treasury adoption.Altcoins Divide: ETH , SOL, and, XRP Surge, DOGE Lags

SOL goes institutional: CME lists options, Forward raises a $1.65B Solana treasury.Bitcoin Treasuries Go Public

Regulators align: SEC and CFTC joint statement legitimizes U.S. spot-crypto trading; UK lifts retail ban on cETNs; MiCA rules finalized.The Global Regulatory Race Is On

Treasury trade turns tactical: one in four listed DATs now trade below NAV, with discounts replacing premia.

Macro & Market Recap

Lower yields reignited the risk bid. Tech, gold, and digital assets climbed together as the Fed’s easing cycle began. The soft-landing narrative held, but the real story was structural: ETFs tightened plumbing, regulators cleared the road, and institutions re-engaged across the stack.

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Q3 Signals We’re Watching

Policy shift

👉 Fed begins rate-cut cycle; inflation sticky but trending lower.

Institutional Flows

‍👉 ETH ETF inflows +208 % QoQ; BTC –4 %; total market cap >$4 T.

Institutional access

‍👉 401(k) crypto inclusion planned; Nasdaq files for tokenized equities.

Regulatory clarity

👉 SEC/CFTC permit spot products on registered venues.

APAC activity

👉 HK Stablecoin Ordinance in effect; MiCA transitional period underway.