Will Bitcoin continue to pump? Coinbase reveals key favourable information for the crypto market in the second half of 2025.

As we approach the second half of 2025, Coinbase's latest report indicates that the crypto market is at a turning point. Despite rising yields on U.S. Treasury bonds and potential selling pressure from some crypto companies, the overall environment remains favourable. The main reason is that the U.S. economy is performing better than expected, with the Federal Reserve (Fed) likely to lower interest rates. The trend of Bitcoin companies increasing reserves is gaining momentum, along with the simultaneous advancement of U.S. stablecoin and market structure legislation, which will drive the upward trend of Bitcoin.

The U.S. economy stabilizes, and recession concerns ease.

The report indicates that at the beginning of the year, due to Trump's return to the White House and his use of "high tariff" policies to threaten global allies to restart trade negotiations, as well as the tensions in US-China trade, the market once fell into a panic over a "technical recession," compounded by a 0.2 decline in the annualized Q1 GDP, which further troubled the market.

However, according to the GDPNow forecast by the Atlanta Federal Reserve, the growth rate of the U.S. in Q2 has been revised upwards to 3.8%, indicating strong economic momentum. Even if there is a slowdown later, the market expects the economy to only cool slightly, without a repeat of the collapse seen during the 2008 financial crisis. As the M2 money supply in the U.S. expands alongside global central bank assets, asset prices are also receiving strong support.

From the chart below, it can be seen that in this round of correction in 2025:

"Although Bitcoin and the Coinbase crypto market index COIN50 have declined, the volatility is significantly lower than in the past, indicating an improvement in market resilience, and the overall response is also more stable than during previous financial crises."

The financial reporting system has flipped, and Bitcoin has become the new darling of corporate assets.

The report points out that the Financial Accounting Standards Board (FASB) will begin to relax accounting standards by the end of 2024, allowing companies to calculate encryption assets at market value, and profits can be recognized without having to sell, encouraging more companies to enter the layout. From the figure below, it can be seen that:

"Since 2024, the number of million-dollar Bitcoin wallets has surged, and as the price breaks through $100,000, many high-net-worth players have successively increased their positions, strengthening the market consensus on Bitcoin as a reserve asset."

Issuing bonds to buy coins has become a new trend for enterprises. The short-term selling pressure is controllable, while the medium and long term remains to be observed.

As of now, a total of 228 publicly listed companies globally hold approximately 820,000 Bitcoins. In addition to MicroStrategy (Strategy) and Tesla (Tesla), there have also been many new startups focusing on "buying coins as their main business" that have entered the market through bond financing. However, Coinbase also reminds that such companies have two major potential risks that could affect market sentiment:

Forced Selling (: Assuming debt maturity or inability to refinance, there may be a forced sell of coins to repay debts.

Motivational selling pressure ) Discretionary Selling (: Even if it's just to manage cash flow, once sold, it may trigger panic selling from other companies or the market.

However, it can be seen from the image below:

"The convertible bonds of cryptocurrency companies such as Strategy and MARA are mostly concentrated with maturities in 2029-2030, totaling $4 billion. The short-term maturity pressure is limited, indicating that the current market selling pressure risk is still manageable."

The U.S. regulation has shifted from enforcement to institutionalization, and most crypto ETF applications are likely to be decided in October.

The report indicates that U.S. regulation will shift from "enforcement actions" to "proactive legislation" in the first half of 2025, bringing positive expectations to the market. Below are the progress of two major bills:

The stablecoin bills in Congress, the "STABLE Act" and the "GENIUS Act": have entered the coordination stage in Congress, covering reserves, compliance, and bankruptcy protections, with the possibility of being signed by Trump before the recess on 8/4.

Market Structure Bill ) CLARITY Act (: Clearly delineates the regulatory authority of the SEC and CFTC, establishing the supervisory foundation for the future digital asset market.

Currently, there are approximately 80 cryptocurrency ETF applications, including spot ETFs like Bitcoin )BTC(, Ethereum )ETH(, SOL, Ripple )XRP(, as well as "physical in-and-out" and "staking" ETFs, which are currently under review by the SEC. Some applications may have results announced as soon as July, while most applications may be delayed until October for a decision.

Bitcoin's upward momentum is gaining strength, while altcoins are focusing on fundamentals.

Overall, Coinbase is optimistic that the crypto market will remain favourable in 2025, benefiting from stable U.S. economic data, rising expectations of interest rate cuts, the ongoing trend of corporate holding coins, and the gradual clarification of regulatory laws, which is particularly beneficial for Bitcoin.

Shitcoins rely on various fundamentals and policy trends. There are still potential projects in the market, but careful selection is necessary.

) Not every company can be MicroStrategy: What risks do crypto reserve companies face, as seen from Sharplink's 70% drop (

Is Bitcoin continuing to pump? Coinbase reveals the key favourable information for the crypto market in the second half of 2025, first appearing on Chain News ABMedia.