Risks Ahead for Crypto in Q4 Even With Macro Tailwinds: Grayscale

The current crypto bull market has been powered by a combination of macro demand for scarce digital assets and growing regulatory clarity two forces that are expected to continue to shape investor focus in the final quarter of 2025 asset manager Grayscale said in a report ￰0￱ to Grayscale the Federal Reserve’s decision to resume rate cuts in September

and its signal that one or two additional cuts could follow before year-end should generally be considered supportive for digital ￰1￱ borrowing costs Grayscale noted reduce the opportunity cost of holding non-yield-bearing commodities such as bitcoin (BTC) and can encourage broader risk appetite across ￰2￱ the same time

the analysts cautioned that a slowing economy or escalating geopolitical risks could dampen ￰3￱ also highlighted the possibility that an unexpected Fed pivot back to rate hikes would pose a clear downside ￰4￱ the regulatory side Grayscale pointed to several potential catalysts that could continue to draw investor ￰5￱ include the introduction of staking within crypto exchange-traded products (ETPs) the approval of new altcoin-based ETPs and the potential passage of a market structure bill in the ￰6￱ each of these developments would represent meaningful progress

Grayscale warned that markets have already priced in a fair amount of ￰7￱ setbacks whether delays political pushback or outright rejection

could weigh on valuations the report ￰8￱ more: Crypto's Value Lies in Trillion-Dollar Markets Bitwise Says