BIT Capital Quarterly Report Crypto Q2 2025
The second quarter of 2025 began in the shadow of those macroeconomic burdens and political uncertainties that had already triggered a risk-off dynamic in the first quarter. Following the broad sell-off at the start of the quarter – triggered by historically high US tariffs on the so-called "Liberation Day" – a crisis of confidence emerged that affected equity, bond, and currency markets alike. Despite persistent macroeconomic and geopolitical risks, the market environment became increasingly constructive from mid-second quarter onwards.
The Quarterly Report Crypto discusses how the US dollar, weakened by expansive US government programmes, gave particular tailwind to digital assets, and why institutional investors increasingly focused on structural inflation risks and potential monetisation – an environment in which Bitcoin was able to further strengthen its role as a hedging instrument.
Note: The full quarterly report is available in German only.
