🔭 Trends and Main Risks

Regulation: Senate support for the GENIUS Act and regulatory "playlists" indicate the gradual formation of the stablecoin market.

Geopolitical Background: Escalation in Israel–Iran forces investors to seek safe assets — this restrains both crypto and crypto stocks.

Macroeconomics: The Federal Reserve expects two possible rate cuts in the second half of 2025 — this stimulates risk assets but also creates transitional uncertainty.

Institutional Participation: BlackRock, Fidelity, MicroStrategy — the conversion of BTC into portfolio assets and ETFs contributes to stability and growth of trust.