The launch of spot Bitcoin ETFs and the anticipation of similar approval for Ethereum have been among the key drivers of crypto market growth in the first half of 2025. However, after the initial liquidity inflows, the market has shifted into a sideways consolidation phase. This has investors asking: have we reached the peak, or is the market preparing for its next move?
At Paribas Group, we see the current state as a phase of consolidation — not the end of the cycle. Growth fueled by ETFs is not just a “one-day hype” but a structural change in how investors access crypto assets.
What Have ETFs Brought to the Crypto Market?
With ETF launches in the U.S., followed by expansion into Europe and Asia, cryptocurrencies have, for the first time, gained institutionally regulated access:
Over $15 billion in net inflows into Bitcoin ETFs in the first five months;
New classes of investors — pension funds, insurance firms, asset managers;
Reduced asset volatility amid more stable liquidity.
This is shaping a new investment culture: shifting from short-term speculation to long-term positioning.
Why Has the Market Slowed Down?
Following the initial surge, several developments occurred:
Profit-taking by retail participants;
Capital rotation between Bitcoin and Ethereum in anticipation of an ETH ETF;
Waiting for new catalysts — such as Fed monetary policy, DeFi regulation, and ETF rollouts in Asia.
🗨️ “Market silence is not weakness — it’s a phase of accumulation,” notes a Paribas Group analyst.
Paribas Group Conclusion
We expect a second wave of crypto market growth in the second half of 2025, provided the following factors align:
Approval of an Ethereum ETF and rising institutional interest in altcoins;
Easing of monetary policy;
Progress in the legal framework for DeFi and asset tokenization.
At Paribas Group, we see the current state as a phase of consolidation — not the end of the cycle. Growth fueled by ETFs is not just a “one-day hype” but a structural change in how investors access crypto assets.
What Have ETFs Brought to the Crypto Market?
With ETF launches in the U.S., followed by expansion into Europe and Asia, cryptocurrencies have, for the first time, gained institutionally regulated access:
Over $15 billion in net inflows into Bitcoin ETFs in the first five months;
New classes of investors — pension funds, insurance firms, asset managers;
Reduced asset volatility amid more stable liquidity.
This is shaping a new investment culture: shifting from short-term speculation to long-term positioning.
Why Has the Market Slowed Down?
Following the initial surge, several developments occurred:
Profit-taking by retail participants;
Capital rotation between Bitcoin and Ethereum in anticipation of an ETH ETF;
Waiting for new catalysts — such as Fed monetary policy, DeFi regulation, and ETF rollouts in Asia.
🗨️ “Market silence is not weakness — it’s a phase of accumulation,” notes a Paribas Group analyst.
Paribas Group Conclusion
We expect a second wave of crypto market growth in the second half of 2025, provided the following factors align:
Approval of an Ethereum ETF and rising institutional interest in altcoins;
Easing of monetary policy;
Progress in the legal framework for DeFi and asset tokenization.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.