The Year Ahead in Crypto

Pantera Capital

Dan Morehead

Research

12 Pages

Pantera Capital lays out its 2025 crypto outlook, arguing the industry is entering a structural adoption phase driven by infrastructure, developers, and real-world applications. The piece suggests tokenized real-world assets could reach 30% of total value locked, challenging the idea that crypto remains purely speculative.

Key Takeaways

Tokenization Growth Surge: Real-world assets are projected to reach 30% of total blockchain TVL, up from $13.7B after 60% growth in 2024, signaling expanding institutional use cases.
Capital Rotation Impact: Non-Bitcoin tokens declined roughly 60% during recent cycles, highlighting uneven value capture despite broader adoption trends and continued infrastructure investment.
BitcoinFi Adoption Potential: Bitcoin-based DeFi could attract about 1% of total BTC supply, introducing new yield opportunities tied to the largest crypto asset.
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