Q4 2025 marked a pause in crypto’s momentum, as markets digested earlier gains and recalibrated expectations for the year ahead. Returns were negative across all six Crypto Sectors in Q4 2025, following gains across all market segments in Q3. Crypto Sectors is our proprietary framework for organizin

Key Takeaways: Bitcoin investors have enjoyed high returns but have also stomached many challenging drawdowns. The ~30% drawdown since early October is in line with the historical average and the ninth meaningful pullback during the latest bull market.[1] Grayscale Research does not believe Bitcoin

Key Takeaways: The U.S. government shutdown and other macro risks were a source of market volatility in October, but innovation across the digital assets industry continued apace. The month included bipartisan negotiations in the U.S. Senate on market structure legislation, extensive investment in

Key Takeaways In the coming weeks, investors can anticipate a significant increase in the number of exchange-traded products (ETPs) offering exposure to “altcoins” — crypto assets with a lower market cap than Bitcoin — due to new guidance from U.S. regulators. These crypto assets represent a divers

Three years after the crypto market bottom there is renewed debate about the state of the “cycle”. But the factors powering adoption—macro demand for scarce digital assets and improved regulatory clarity—remain in place. Crypto trailed other asset classes in September; liquidations in futures accele

In Q3 2025, price returns were positive across all six Crypto Sectors, while changes in fundamentals were mixed. Crypto Sectors is our proprietary framework for organizing digital asset markets and measuring returns, developed in partnership with index provider FTSE/Russell. Bitcoin underperformed o

Regulatory clarity for digital assets in the U.S. has been a long time coming — and while the path ahead is still unfolding, policymakers have been making meaningful progress this year. A market focus on regulatory tailwinds has likely contributed to Ether outperformance. Ethereum is the market lead

The Ethereum network’s Ether token gained nearly 50% in July 2025. Investors were focused on stablecoins, tokenization, and institutional adoption — areas where the OG smart contract platform stands apart from its peers. Passage of the GENIUS Act was a watershed moment for stablecoins and the crypto

In a quiet month for crypto valuations, focus was on fundamentals — most importantly, the many positive developments related to stablecoins. The GENIUS Act, which would bring regulated payment stablecoins to the U.S., passed the Senate with bipartisan support and now heads to the House. Separately,

Grayscale Research Insights: Crypto Sectors in Q3 2025 Crypto Sectors is our proprietary framework for organizing digital asset markets and measuring returns, developed in partnership with FTSE/Russell. In Q2 2025, both price returns and changes in fundamental indicators were mixed across Crypto Sec

Bitcoin’s price reached a new all-time high in May 2025 as the one-two punch of macro demand and regulatory tailwinds continued to power the crypto bull market. Investor demand for Bitcoin stems in part from U.S. macroeconomic imbalances, including persistent fiscal deficits. While deficits are not

The introduction of new tariffs by the White House was arguably the most significant change to global trade policy in more than 50 years. Bitcoin appreciated along with other “stores of value” like gold. In our view, persistent uncertainty about government policies, the risk of stagflation, and pot

Bitcoin’s price has declined since the White House announced new reciprocal tariffs, but we expect that tariffs and trade tensions will ultimately be positive for Bitcoin adoption over the medium term. First, higher tariffs contribute to stagflation, which tends to be negative for traditional asset

Shifts in U.S. policy on digital assets seems to have increased institutional conviction in the industry — resulting in a pickup in M&A activity, investments in stablecoins and asset tokenization, and other strategic investments in March. Crypto valuations were down slightly during the month and are

Crypto markets pulled back in Q1 2025, as measured by the FTSE/Grayscale Crypto Sectors family of indexes, alongside tech stocks and other risky assets. Measures of Bitcoin network activity were generally healthy in Q1. In contrast, usage of smart contract platforms declined as memecoin trading on S

Crypto valuations pulled back in February 2025 alongside rising macro risks and declines in technology share prices. The hack of a major crypto exchange and lower memecoin trading activity may also have weighed on the market. At the same time, the U.S. regulatory backdrop for the crypto industry con

Replacing a portion of portfolio allocations to Nasdaq 100 stocks with Bitcoin may allow investors to enhance returns, reduce risk without sacrificing returns, or move out the efficient frontier. The stocks in the Nasdaq 100 index and Bitcoin are distinct but complementary portfolio exposures. The N

Crypto markets continued to climb in January, although valuations pulled back over the weekend on tariff news. January also featured a whirlwind of activity that will likely have implications for the digital assets industry for the rest of 2025 and beyond. The Trump administration issued a comprehen