The crypto market is experiencing a special moment — both in Washington and Wall Street. Over the past year, U.S. President Donald Trump has established a Bitcoin strategy and announced an altcoin reserve fund. Concurrently, the U.S. Senate has passed the GENIUS Act, while the CLARITY Act is also being implemented.
On the technology front, Ethereum made a significant leap with the Pectra upgrade in early May. In the traditional finance sector, spot Bitcoin ETFs are attracting strong capital flows, with total net inflows reaching $14.4 billion as of now this year.
Naturally, the market is also responding positively. Year-to-date, BTC has risen by 15% — double the increase of the S&P 500 index — nearing its all-time high of around $112,000.
Therefore, optimistic targets for the end of the year no longer seem far-fetched.
The Bitcoin treasury is booming, but how long will it last?
There are now over 135 public companies holding Bitcoin as a reserve asset, indicating that the Bitcoin treasury strategy is gradually becoming a mainstream trend.
Big players like Strategy continue to bet heavily, while new names like Metaplanet and Twenty One are also quickly entering the game.
However, not everyone believes in unlimited growth potential. Crypto analyst James Check remarked:
"My instinct tells me that the Bitcoin treasury strategy will have a much shorter lifespan than most people expect. And with some new names, the game may have already ended."
According to Check, the market is currently approaching a saturation point.
We are getting very close to the 'prove it' stage, where it will become increasingly difficult for any company to maintain a high valuation and generate growth without a clearly defined niche market.
Retail speculators have been the main driving force behind the wave of these emerging companies, but their demand and capital are not limitless.
While the optimistic sentiment surrounding Bitcoin may keep the rally ongoing, the path ahead will likely favor those who are bold, engage early, and build a strong brand excellently.
However, there are still reasons to be optimistic. Analyst Ali Martinez recently posted on platform X that if the current trend mirrors past cycles, the next market peak could occur within the next 6 months.
Bitcoin's current rally has far surpassed the cycles of 2013 and 2017, with an increase of nearly 2,000% since the previous cycle peak — indicating that growth momentum is still very much alive, despite significant volatility.
Ethereum: The race to maintain its position
Ethereum (ETH) has long held the second position in the crypto world, but that position is not without challenges. Having fallen behind both Bitcoin and faster-growing competitors like Solana (SOL), ETH may finally be at a turning point.
After a sharp price drop earlier this year, the Pectra upgrade has brought new confidence to the network. The next upgrade is Fusaka, expected to launch by the end of 2025. This upgrade will integrate PeerDAS and Verkle Trees, two technologies expected to significantly reduce storage and computation costs across the Ethereum ecosystem — particularly with layer 2s and validators.
Some analysts have begun to predict an ETH price of $6,000 by the end of the year, based on the growth momentum of layer 2 solutions and the dynamism of the developer community.
However, not everyone completely believes in the story of ETH's value increase. The real momentum still needs to be verified, but at this moment, ETH seems to be making a comeback — slowly but surely.
Altcoins are surpassing the quiet period, Wall Street is watching closely
The altcoin market has just undergone a large-scale 'cleansing' — over 1,400 previously active tokens have disappeared in 2025. This is a sign that the market is entering a more mature phase: only the strongest projects can survive.
As Bitcoin's dominance shows signs of declining, investors are speculating: Is this the beginning of altcoin season 2.0?
Meanwhile, access to crypto through public markets is expanding. Bitcoin and Ethereum ETFs have come online, and adjustments like asset withdrawal mechanisms or staking features could soon be added to enhance efficiency.
James Seyffart from Bloomberg has suggested that ETFs for other digital assets may also emerge soon.
Following Circle's high-profile IPO, companies like Galaxy, eToro, and possibly even Kraken or Consensys are expected to follow suit.
The remainder of this year will be a crucial phase that could determine how far the current crypto market rally will go.