Dear Investors,

Welcome to 2025! The year of the bull.

It’s been a wild ride, hasn’t it?

Back in December, we highlighted that a market correction was imminent—and it happened right on cue.

The total crypto market cap corrected by 13.2%, a necessary breather after the explosive growth we saw in November after the US election.

For those of you who stayed calm, avoided over-leveraging, and stuck to your strategy, congratulations.

But without further ado, let’s explore the important.

2024 in Review: ETFs and Institutional Adoption

Looking back, 2024 will be remembered as the year institutions truly embraced crypto.

• Bitcoin and Ether ETFs broke records, crossing $100 billion in AUM within months of their launch.

• Bitcoin ETFs alone now represent 88% of the AUM of all gold ETFs—a staggering achievement considering gold ETFs have been around for over 20 years.

• Together, Bitcoin and Ethereum ETFs are just $5 billion shy of matching the total AUM of gold ETFs.

This isn’t just any milestone—it’s a clear sign that the market is maturing and that Wall Street is finally starting to see crypto as a legitimate opportunity rather than something risky or obscure.

2025: The Year of Transformation

As we look ahead, 2025 will be shaped by three key drivers:

1. ETFs,

2. New regulations,

3. Macro conditions.

1. ETFs: Capital Inflows and Market Dynamics

The ETF story isn’t over—it’s just beginning.