Will Bitcoin continue to rise? Coinbase reveals the key to the crypto market in the second half of 2025

As 2025 enters its second half, Coinbase's latest report indicates that the crypto market is at a turning point. Despite rising U.S. Treasury yields and potential selling pressure from some crypto enterprises, the overall environment remains favorable. The main reasons include the U.S. economy performing better than expected, the Federal Reserve's potential interest rate cuts, increasing BTC enterprise reserves, and the simultaneous advancement of the U.S. stablecoin and market structure bill, which will drive the upward trend of BTC. The report suggests that at the beginning of the year, the market was gripped by panic about a "technical recession" due to Trump's potential return to the White House with "high tariff" policies threatening global allies and trade tensions between the U.S. and China. The Q1 GDP annualized rate dropping by 0.2% further worried the market. However, according to the Atlanta Fed's GDPNow estimate, the U.S. Q2 growth rate has been revised up to 3.8%, indicating strong economic momentum. Even if a slowdown occurs, the market expects only a mild cooling, not a collapse like the 2008 financial crisis. With the expansion of U.S. M2 money supply and global central bank assets, asset prices have received strong support. The report highlights that the Financial Accounting Standards Board (FASB) has relaxed accounting standards since the end of 2024, allowing enterprises to calculate crypto assets at market value and recognize profits without waiting for sale, encouraging more enterprises to enter the market. Currently, 228 listed companies globally hold approximately 820,000 BTC. Besides MicroStrategy and Tesla, new enterprises focused primarily on "buying coins" have emerged, entering the market by raising funds through debt issuance. Coinbase also warns of two potential risks that could affect market sentiment: forced selling and discretionary selling. However, the convertible debt of crypto enterprises like MicroStrategy and MARA is mostly concentrated in 2029-2030, with a total of $4 billion, indicating limited short-term expiration pressure. The report states that U.S. regulation has shifted from "law enforcement" to "proactive legislation" in the first half of 2025, bringing positive expectations to the market.

1. Congressional Stable Coin Act and GENIUS Act: Entering the congressional coordination stage, covering reserve funds, compliance, and bankruptcy protection, potentially to be signed by Trump before the August 4th recess.
2. Market Structure Act (CLARITY Act): Clearly defining the regulatory authority of SEC and CFTC, laying the foundation for future digital asset market supervision.

Currently, there are approximately 80 crypto ETF applications, including spot ETFs for BTC, ETH, SOL, XRP, and other types like physical entry/exit and staking ETFs, which are under SEC review. Some applications may announce results as early as July, while most might be finalized by October. Bitcoin's momentum is gradually strengthening, while Altcoins focus on fundamentals. Overall, Coinbase is optimistic about the crypto market in 2025, benefiting from stable US economic data, rising rate cut expectations, continued corporate crypto holdings, and increasingly clear regulatory frameworks, which are particularly favorable for Bitcoin. Altcoins depend on individual fundamentals and policy directions, with opportunities still existing in the market but requiring careful selection. (Risk Warning: Crypto investments are highly risky with potential for significant price volatility. Assess risks carefully.) [The rest of the text continues with the interview content about Isaac Miller and Bitcoin's political connections]

Supporting Meme Coins, Reminding Fans Not to Be Obsessed, Buy BTC

Besides becoming a heavyweight influencer for supporting BTC, Miller is also well-known in the crypto for having his own meme coin. Someone created a meme coin named after him on Pump.Fun, and this $Issac Coin went viral. He even bought 10%% of the supply to show support, candidly admitting it was for fun. He believes meme coins are meant to be entertaining, and while promising to support the project and never sell, he started considering moral responsibility after the meme coin's market value exceeded $10 million. He reminded everyone that this is an entertainment-focused meme coin project, and no one should invest their life savings. Instead, he suggested investing investing.

Views on BTC Ecosystem andinals Evolution

Regarding theTC community's divisions, especially Ordinals and native token protocols, Miller believes BTC should simply do one thing well: serve as a solid and stable monetary platform. He sees other chains like Ethereum as playgrounds for human creativityority, developing developing DAOs and AI applications. He believes the free market will determine what survives, and BTC should focus on doing one exceptionally well.

Entering Now is Absolutely Not Lateasked if it's too late to enter BTC, Miller firmly answered not at all. While people might have missed buying BTC at $100, they won't miss building an ecosystem around BTC and leaving a legacy for themselves and future generations. He emphasized that BTC's value lies not just in price, the system it establishes.

BTC's Golden Age is Arriving

In the interview's final part, Isaac Miller expressed regret for those viewing crypto as mere gambling. While meme coins attracted many newcomers, true wealth and freedom requires a longer-term vision and deeper involvement. He stressed that BTC isn't a lottery ticket but a but a revolution revolution of technology and emphasfreedom. He emphasized we're in early stages with the barrier beingset, not just price.

<: p>In recent months, BTC's sustained high prices have largely driven by "BTC acquisition companies" focusing on leveraged BinTC.. However, while driving market sentiment and pushing prices higher, concerns are growing: "Would specific companies controlling large volume BTC amounts impact liquidity and volatility, potentially compromising BTC's potential as a 'central bank reserve asset'?"

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income primarily comes from block rewards and miner fees, with block rewards being relatively stable, while miner fees are influenced by market transaction activity. When Bitcoin transaction activity increases, miners' fees correspondingly rise. However, even with significant revenue growth, miners' actual profits are affected by electricity factors such as production operational expenses, electricity equipment deprec.

>Currently, while BTC miners' earnings have reached reached new new highs, miners still face numerous including numerous challenges, including equipment upgrades, energy cost control, and market competition...erts recommend that miners should miners should continuously continue to optimize cost control and improve operational efficiency to efficiency potential future market changes.

Initially, they were motivated by hedging against fiat currency inflation, but as BTC prices rose, these companies began issuing convertible bonds or preferred stocks to expand their BTC positions through leverage, transforming into entities similar to "closed-end funds".

To date, Strategy holds over 580,000 BTC, with a market value of nearly $6.3 billion, representing almost 2.8% of total supply. When calculating actual circulation, its proportion is even higher.

Leverage and Premium: The Financial Magic of BTC Combined with Equity and Convertible Bonds

BTC reserve strategy companies raise funds through equity or convertible bonds to purchase BTC. If their stock price exceeds actual asset value, investors will pay a "premium" to buy stocks, and this premium can be used to increase BTC holdings, further driving per-share value, creating a positive feedback loop.

Swiss licensed crypto bank Sygnum warns that this model may not continue indefinitely:

When market demand saturates, sentiment turns negative, or BTC prices decline, stocks may trade at a "discount", harming existing investors and making it difficult for new capital to enter.

Moreover, when BTC prices drop dramatically, these companies might be forced to sell BTC to repay debts, amplifying market downward pressure and severely impacting market confidence.

(MicroStrategy's Liquidation Clouds Resurface: How Will BTC Price Crash Affect This Company?)

Sygnum: Strategic Hoarding May Push BTC Further from Central Bank Reserves

Sygnum warns that Strategy and its imitators' large-scale BTC accumulation is undermining BTC's potential as a central bank reserve asset:

BTC's decentralization and high liquidity are the foundation of its "digital gold" status, but when a single enterprise controls too many tokens, it weakens its neutrality and acceptability as a safe asset.

BTC's liquidity and volatility are key considerations for many institutions and central banks. However, these "leveraged buyers" are distorting these structures, potentially deterring more conservative funds.

Market Contribution and Systemic Risk: The Double-Edged Sword of BTC Reserve Fever

Undeniably, BTC acquisition companies have played a significant role in driving market prices and expanding investment exposure, filling gaps left by ETFs or other regulated investment products. However, as more companies enter this track, investors must recognize valuation limits and systemic risks. Sygnum also cautions:

Packaging these companies as "corporate financial strategies" is misleading, as they are more akin to "high-risk investment funds".

After all, while strategic buying is exciting, when prices drop, fundraising becomes difficult, or the regulatory environment changes, these companies could become potential "selling pressure trigger points".

(CZ on BTC Reserve Companies: Not Taking Risks is the Biggest Risk!)