A report launched by Coinbase Institutional and Glassnode on Oct. 20, 2025, reveals that the majority traders imagine the Bitcoin bull market will proceed over the following 3–6 months. Researchers surveyed institutional traders and produced a crypto market outlook primarily based on their responses. The report’s subtitle, “Navigating Uncertainty,” resonates with the current nosedive following a brand new Bitcoin all-time excessive.
Abstract
- Researchers from Coinbase Institutional and monetary consulting firm Glassnode surveyed 124 traders between Sept. 17 and Oct. 3, 2025. 67% of institutional and 62% of unbiased inventors are bullish on Bitcoin for the following 3-6 months.
- Virtually half of the surveyed establishments (45%) imagine that the bull market is in its closing stage. Solely 27% of surveyed unbiased respondents share this stance. Each classes named the macro setting as the most important danger for the next 3-6 months.
- 39% and 40% of surveyed institutional and unbiased traders imagine that Bitcoin dominance will keep on the 55-60% degree within the subsequent 3-6 months.
The report begins with a foreword by David Duong, Coinbase Institutional’s head of analysis, who expects favorable macroeconomic, regulatory, and coverage situations. He believes digital asset treasury firms will proceed to amplify crypto demand; new fee cuts by year-end might assist mobilize $7 trillion in idle funds.
Duong additionally outlines a number of challenges, together with the federal government shutdown, which limits entry to key financial knowledge, and the unsure long-term viability of the DAT enterprise mannequin. The survey knowledge are complemented by the authors’ market insights.
In line with the report, researchers have a stance of “cautiously optimistic” on This fall 2025. They identify the present market situations particularly good for Bitcoin.
Discrepancies between institutional and unbiased traders
As researchers surveyed 61 establishments and 63 unbiased traders, the outcomes define variations between their views of the market developments.
First off, whereas each classes are optimistic about Bitcoin, most institutional respondents imagine that the present bull market stage is closing. Unbiased traders moderately assume we’re on the accumulation or the markup stage.
One other slight discrepancy is the view on large-cap altcoins. The place 38% of surveyed establishments imagine altcoins would be the greatest performers within the subsequent 3-6 months, solely 29% of unbiased traders share this view.
Independents are extra bullish on DATs with 14% vs. 8% of establishments. Notably, the share of institutional respondents who imagine Bitcoin would be the worst-performing asset matches the share that believes DATs would be the best-performing (8% every), although the report doesn’t point out whether or not these had been the identical respondents.
15% of unbiased traders see Bitcoin as the possibly worst-performing crypto asset for the rest of 2025. 60% of establishments see small-cap altcoins because the worst asset, whereas solely 42% of unbiased traders share the identical stance.
Each classes cite a worsening macro setting as the most important danger (establishments 38%, independents 29%). Geopolitical dangers, hacks, and regulatory failures alarm each teams equally. Establishments seem much less involved than independents about liquidity drops and potential DAT failures.
Shared beliefs
Each teams usually imagine that the U.S. Securities and Change Fee’s approval for single-name spot crypto ETFs will function a market driver. Independents are considerably extra optimistic concerning the constructive affect of ETF approvals. Solely 13–14% of respondents in each teams anticipate no affect from SEC approvals.
The survey signifies that each teams see reserve token burning and growth spending as the 2 essential priorities for crypto firms with sizable token treasuries.
Each independents and establishments known as DATs “probably the most traded commerce in crypto” proper now (although technically, DAT shares aren’t crypto). Independents see Bitcoin as equally “crowded,” whereas establishments view Solana as second to DATs.
An Rising Tendencies part
The second half of the report is the overview of latest market developments and the Bitcoin and Ethereum developments research. This former part clearly reveals that the summer season of 2025 noticed a drastic improve in DATs holding ETH and SOL. Earlier than, Bitcoin-holding firms had been sole rulers.
As for the market dominance, researchers outlined a 7% Bitcoin dominance lower in Q3 (earlier than climbing in September), whereas ETH dominance grew by 4%. The information on Bitcoin and ETH spot ETFs development displays the ETH ETFs’ horizontal development from July to September 2025. Recently, its development has been extra shaky. Bitcoin ETF development has been extra gradual and regular.
In August, ETH ETF inflows outperformed Bitcoin ETF inflows by 10x, triggering debate about whether or not ETH has the potential to flip Bitcoin.
The 4-year cycle graphs for Bitcoin and Ether present that the present cycle (it began in 2022) is totally different. It lacks immense rallies and moderately presents gradual buildups and declines. This cycle, Ether notably lacked the rallies it had in earlier cycles. As an alternative, it had a long-term decline.
Bitcoin and Ethereum developments
As for Bitcoin developments, the newest months confirmed that even when Bitcoin value was reaching new highs, long-term traders most well-liked to not money out. It marked a brand new development. The sentiment steadily moved from perception to anxiousness within the first half of 2025 after which flipped again in Q3.
The Ethereum developments part emphasizes that for the primary time, Ether ETF inflows ($9.4 billion) exceeded BTC ETF inflows ($8 billion). In line with the report, the liquid and illiquid ETH holdings correlation in Q3 signifies that many long-term ETH traders most well-liked to money out as quickly as ETH noticed a rally. ETH and different L2 blockchains noticed a record-breaking quantity of transactions whereas the charges had been the bottom in 2 years.
