The crypto market as a whole has shown positive signs in 2025, with its total capitalization again surpassing the 4 trillion dollar mark. The market is setting the stage for what could be the largest bull rally in history.
In this context, analyst Miles Deutscher shared his perspective on the current market.
"The stage is set for the largest crypto bull run in history. The industry has never experienced such a set of tailwinds/pace of change," said the analyst.
First, data showed that total inflows into crypto ETFs listed in the U.S. reached approximately 12.8 billion dollars in July.
Miles also highlighted that "the spot BTC and ETH ETFs alone" have attracted around 17 billion dollars in net inflows over the last 60 days. This has significantly impacted the liquidity and valuation of these assets.
Second, the U.S. Congress and the White House have passed/enacted key legislation and policies related to stablecoins (GENIUS Act) and initiatives to expand access to alternative assets for 401(k) plans. This opens the door to a potentially massive amount of capital flowing into crypto in 2025.
Third, the data indicates that the total market capitalization of stablecoins is approximately 270–282 billion dollars. This reflects the growing on-chain money supply, which improves market liquidity for trading and facilitates tokenization.
Fourth, SEC filings reveal significant institutional interest in crypto. For example, recent reports show that Harvard University disclosed a significant position in BlackRock's IBIT fund, around 116–117 million dollars.
This is evidence that ETFs will become a primary channel for institutional capital entering crypto in 2025.
Fifth, the political support from President Trump and his family. As the market environment becomes more "breathable," it could reach a wider audience, especially traditional investors.
According to Miles, another factor is that ETH has reclaimed the $4,000 level, a multi-year high, providing strong momentum towards its all-time high of 2021.
Both BTC and ETH refuse to collapse, even with strong FUD. This suggests seller exhaustion along with steady market demand.
Additionally, Miles noted that Bitcoin's Dominance appears extremely weak for the first time since 2024. Liquidity is concentrating more on major coins/CEX, making the BTC/ETH trend more evident.
"This is important for helping to shape the current phase of the cycle, creating more favorable conditions for altcoin rotation later on," Miles noted.
