Cryptocurrency investors worldwide ask the same pressing question: is the crypto bull market over? While Bitcoin and other digital assets have shown remarkable growth, recent market fluctuations have sparked debates about the sustainability of this upward trend.
Indeed, the current crypto bull market has demonstrated patterns distinctly different from previous cycles. Market data suggests a more complex landscape shaped by institutional involvement, regulatory changes, and evolving trading behaviours. Specifically, the emergence of spot ETFs and increased institutional participation has transformed traditional market dynamics.
This analysis examines key market signals, institutional money flows, and on-chain metrics to evaluate the cryptocurrency market’s actual state in 2025. We’ll explore whether this marks the end of a bull run or simply a new phase in the market’s evolution.
Current Market Data vs Previous Bull Runs
The 2024-2025 cryptocurrency market presents unique characteristics compared to previous bull cycles. Bitcoin surged past GBP 47,649.61 in early 2024, primarily driven by ETF approvals and the upcoming halving event. Subsequently, by November 2024, Bitcoin reached a remarkable new all-time high, exceeding GBP 73,856.89—marking a 132% gain from the year’s start.
Price action comparison
Historical data reveals fascinating patterns across different bull cycles. The 2021 crypto bull market saw Bitcoin climb to GBP 54,797.05 in November 2021. Nevertheless, following this peak, the market experienced a significant correction, with Bitcoin dropping more than 50% by mid-2022. Furthermore, the FTX collapse pushed Bitcoin to its bear market bottom of approximately GBP 11,910.
Looking back at earlier cycles, the 2017 bull run demonstrated even more dramatic movements, with Bitcoin soaring from about GBP 794.16 in January to nearly GBP 15,883.20 by December—an astounding 1,900% increase. Additionally, the 2013 cycle witnessed Bitcoin rise from around GBP 115.15 in May to almost GBP 952.99 by December, representing a 730% gain.
Trading volume analysis
The cryptocurrency market’s trading dynamics have evolved significantly. Currently, the market features an average daily trading volume of GBP 29.38 million, with an average market capitalisation of GBP 3.97 billion. Moreover, trading volume distribution remains heavily concentrated among a select few cryptocurrencies, particularly Bitcoin, Ethereum, and Cardano.
A notable characteristic of the current market is the relationship between trading volume and returns. Research indicates that returns from liquidity provision are primarily concentrated in pairs with lower trading volume. For instance, a reversal strategy conditional on low volume delivers a 1.22% average daily return, compared to 0.54% when conditioning on high-volume pairs.
Market dominance shifts
As of March 2025, Bitcoin’s market dominance hovers around 60-61%, mirroring levels observed in late 2020. This dominance pattern often signals significant market transitions. For example, the previous cycle saw Bitcoin’s dominance peak at approximately 70% in December 2020 before gradually declining as capital rotated into alternative cryptocurrencies.
The ETH/BTC ratio appears to be approaching a bottom, potentially indicating that Ethereum might be undervalued relative to Bitcoin. Based on historical patterns, this setup typically precedes major altcoin rallies. Furthermore, market analysts anticipate that Bitcoin’s dominance might decrease between April and June 2025 to 50-55%, potentially triggering renewed momentum in altcoin markets.
The current cycle stands apart from its predecessors due to several key factors. First and foremost, institutional capital plays a more prominent role than in previous bull runs, which were primarily driven by retail speculation. Additionally, the market now features over 36.4 million tokens in circulation, substantially increasing from just 3,000 in 2017-2018. This expansion has led to more fragmented liquidity across different ecosystems, making broad-based rallies less likely than previous cycles.
Key Market Signals in 2025

Fresh data from 2025 reveals compelling signals about the state of the cryptocurrency market. Financial institutions have demonstrated unprecedented interest in digital assets, with 75% stating they must advance their digital asset strategies within two years to maintain competitive advantage.
Institutional money flow
A notable shift in institutional sentiment has emerged, as 49% of financial leaders express increased positivity toward digital assets. BlackRock’s iShares Bitcoin Trust has amassed GBP 42.09 billion in assets, marking it the fastest ETF to reach the GBP 39.71 billion milestone.
Institutional ownership of Bitcoin ETFs has tripled in the last quarter alone, surging from GBP 9.85 billion to GBP 30.73 billion. In contrast, retail investor growth stood at 69%, highlighting the dominant role of institutional capital in the current market phase.
ETF impact on prices
The introduction of spot Bitcoin ETFs has fundamentally altered market dynamics. Since their inception, these vehicles have attracted nearly GBP 89.74 billion in inflows—approximately 10% of Bitcoin’s total market capitalisation. Bitcoin ETFs have accumulated more than GBP 79.42 billion in assets, representing roughly one-third of gold ETF holdings, which stand at GBP 243.01 billion.
The market has witnessed substantial changes in trading patterns. Nine of eleven SEC-approved spot Bitcoin ETFs now use Coinbase as their custodian, controlling 86.4% of total ETF assets under management. Major traditional banks like Citi and State Street are preparing to offer crypto custody services in response to this shift.
On-chain metrics
On-chain analysis reveals several crucial indicators of market health. The Terminal Price metric, which incorporates Coin Days Destroyed while factoring in Bitcoin’s supply, suggests potential for continued growth. Current data indicates the terminal price has exceeded GBP 146,919.62 and could reach GBP 158,832.02 as the cycle progresses.
The Puell Multiple, which evaluates daily miner revenue relative to its 365-day moving average, has climbed above 1, signalling renewed profitability for miners. Similarly, the MVRV Z-Score remains below the overheated zone with a value of around 3.00, indicating room for further market expansion.
Value Days Destroyed (VDD) Multiple, though showing slightly overheated conditions, historically sustained such ranges for months before reaching cycle peaks. In previous cycles, VDD indicated overbought conditions nearly a year before the market topped out.
These metrics, alongside growing institutional participation, point toward a maturing market rather than an imminent end to the bull cycle. The data suggests a substantial remaining upside throughout 2025, with potential resistance levels emerging between GBP 119,124.02 and GBP 158,832.02.
Global Market Forces at Play
Shifting regulatory landscapes and regional market dynamics are reshaping the cryptocurrency sector in 2025. These changes present both opportunities and challenges for the ongoing crypto bull market.
US regulatory developments

The United States has entered a new phase of cryptocurrency regulation. The SEC approved Bitcoin and Ethereum spot ETFs, marking a major shift in regulatory stance. At present, nine out of eleven SEC-approved spot Bitcoin ETFs use Coinbase as their custodian.
A group of US lawmakers has been established to draft comprehensive crypto rules. This group will submit regulatory recommendations and potential legislative proposals within six months. Alongside this development, discussions about creating a national Bitcoin reserve underscore the growing recognition of digital assets in public finance.
The current regulatory framework primarily relies on agency-driven enforcement, with separate oversight bodies such as the SEC and CFTC leading different aspects of market supervision. This approach differs markedly from the European Union’s Markets in Crypto-Assets (MiCA) framework, which provides uniform market rules across member states.
Asian market influence
Asia has emerged as the epicentre of global crypto adoption, capturing 60% of worldwide users. The continent’s influence on market dynamics is evident in the five Asian countries that rank in the top 10 of the global crypto adoption index.
Singapore stands out as a pioneering force, recording nearly one billion pounds in crypto transactions during the second quarter of 2024. The city-state has doubled its crypto licencing efforts, issuing 13 new permits. This regulatory clarity has positioned Singapore as a model for cryptocurrency payments and compliance standards.
Between July 2023 and June 2024, 8.9% of the total value of bitcoin received worldwide—more than GBP 317.66 billion—came from Eastern Asia alone. The region demonstrates unique characteristics in institutional engagement, with the largest share of professional-sized transfers compared to other global regions.
Hong Kong’s emergence as a crypto hub in the Greater China region has been particularly noteworthy, with the territory’s growth at 85.6% year over year. The territory’s supportive regulatory framework has attracted institutional adoption, with its securities regulator implementing a comprehensive regime for virtual asset trading platforms.
The crypto market remains active in Chinese-speaking regions despite China’s restrictive stance. Data shows that 5.9% of traffic on major memecoin platforms comes from these areas. Chinese investors, primarily young traders, effectively navigate restrictions through decentralised solutions and over-the-counter trading.
Japan maintains a progressive approach, recognising cryptocurrencies as legal property under the Payment Services Act. The country has strengthened its regulatory framework by introducing remittance rules and revising the Prevention of Transfer of Criminal Proceeds Act to enhance customer information collection.
These regional dynamics, coupled with evolving regulatory frameworks, continue to shape the trajectory of the current crypto bull market. The interplay between US policy developments and Asian market influence creates a complex ecosystem that affects global cryptocurrency valuations and trading patterns.
Retail vs Institutional Behaviour – Crypto Bull Market
Behavioural patterns between retail and institutional investors reveal striking contrasts in the current crypto market cycle. As of 2024, global cryptocurrency ownership reached 6.8%, with over 560 million crypto owners worldwide.
Whale wallet analysis
Large-scale traders, often called whales, demonstrate sophisticated accumulation strategies. Recent data shows whale wallets accumulated another 5,000 BTC in early March 2025, indicating smart money’s return to buying the dip. Only 2,054 wallets hold over 1,000 BTC after approximately 100 whale wallets partially liquidated their holdings between February and March 2025.
Smallholder statistics
Smallholders exhibit distinctly different trading behaviours. The percentage of individuals who transferred funds into crypto-related accounts tripled during the COVID-19 pandemic, rising from 3% before 2020 to approximatley 13% by June 2022. Indeed, about 15% of crypto users have transferred more than one month’s worth of take-home pay into crypto accounts.
A fascinating trend emerges in retail trading patterns. Unlike traditional assets, where investors typically sell when prices rise, cryptocurrency retail investors tend to hold or buy more during price increases. This momentum-driven strategy reflects their belief in greater future adoption and value appreciation.
Exchange flow data
Exchange flows paint an intriguing picture of market sentiment. From 2017 to mid-2022, the ratio of transfers to crypto accounts versus money flowing back into traditional checking accounts stood at 2:1. Nonetheless, this ratio balanced out after significant price declines, suggesting tactical shifts in investor behaviour.
Institutional investors, primarily crypto exchanges and funds, process over GBP 79.42 billion daily trade volume. These entities hold substantial reserves, including 13% of the total Bitcoin supply. Altogether, the top 10 crypto exchanges handle billions in daily transactions, providing crucial liquidity for retail traders.
The crypto bull market structure reflects a maturing ecosystem where retail and institutional behaviours shape price dynamics. Although retail investors remain susceptible to market sentiment, institutional players increasingly provide market stability through sophisticated trading strategies and substantial liquidity provision.
Signs of Market Maturity
Several key indicators point toward increasing maturity in the crypto bull market. Substantial growth in the derivatives sector, cross-chain activity, and DeFi integration suggest a more sophisticated market structure.
Derivatives market growth
The crypto derivatives market has expanded remarkably, with monthly volume reaching GBP 1.06 trillion in September 2023. This figure substantially exceeds spot market activity, highlighting the growing sophistication of trading instruments. Bitcoin and Ethereum remain the primary assets in crypto derivatives trading.
The centralised derivatives market dominates the landscape, with non-US markets contributing over 95% of monthly trading volume. Presently, the top three exchanges control 84.7% of the market share. Meanwhile, albeit smaller, decentralised derivatives platforms continue gaining traction for enhanced security and transparency.
Cross-chain activity
Monthly cross-chain transaction volume fluctuates between GBP 1.19 billion and GBP 2.54 billion. This robust activity demonstrates the market’s increasing interconnectedness. Cross-chain bridges enable seamless asset movement across different blockchain networks, fostering enhanced interoperability and expanded DeFi opportunities.
Nonetheless, cross-chain infrastructure presents unique challenges. Criminal actors have laundered more than GBP 3.18 billion through cross-chain transfer services. To date, cybercriminals have directed over GBP 0.79 billion through decentralised exchanges, with RenBridge alone facilitating the laundering of more than GBP 428.85 million in crypto assets.
DeFi integration

The blockchain interoperability market exhibits remarkable growth potential. It is projected to surge from USD 286 million in 2024 to USD 2,048 million by 2032, maintaining a robust CAGR of 27.9%. DeFi’s total value locked (TVL) has surpassed GBP 63.53 billion, underscoring the increasing demand for multi-chain solutions.
Advanced protocols like Polkadot and Cosmos lead innovation in cross-chain communication. Polkadot’s XCM v3 protocol enables secure interactions between parachains, whereas Cosmos has introduced Interchain Security, allowing smaller blockchains to leverage its security framework while maintaining autonomy.
The market demonstrates several characteristics typical of mature financial systems. These include heavy-tailed probability distributions of fixed-time returns, long-term memory of volatility, and hierarchical cross-correlations among assets. Accordingly, the cryptocurrency market continues advancing toward maturity, increasingly sharing statistical properties with traditional financial markets.
Conclusion – Crypto Bull Market
Market signals throughout 2025 paint a clear picture: rather than ending, the crypto bull market shows signs of transformation. Data suggests this cycle differs fundamentally from previous runs, primarily due to substantial institutional involvement and regulatory clarity.
Though Bitcoin reached GBP 73,856.89 in late 2024, key metrics indicate room for additional growth. The combination of spot ETF inflows, increasing institutional adoption, and healthy on-chain indicators indicates sustained market strength. Terminal Price projections suggest potential targets between GBP 119,124.02 and GBP 158,832.02.
Market maturity stands out as a defining characteristic of this cycle. Derivatives trading volume exceeding GBP 1.06 trillion, sophisticated cross-chain infrastructure, and growing DeFi integration demonstrate the ecosystem’s evolution beyond simple speculation. Additionally, the emergence of regulated investment vehicles attracts traditional finance participants, establishing cryptocurrencies as a legitimate asset class.
Regional developments, particularly across Asia, continue shaping market dynamics. While Singapore and Hong Kong lead with clear regulatory frameworks, the United States is progressing toward comprehensive cryptocurrency legislation. These regulatory advancements and institutional participation create a more stable foundation for long-term growth.
The cryptocurrency market now demonstrates characteristics typical of mature financial systems, including sophisticated trading patterns and established correlation structures. This evolution suggests the current cycle represents not an ending but rather the next phase in cryptocurrency’s journey toward mainstream adoption.