The report provides a comprehensive and data-driven overview of how key global events, economic shifts, and policy developments have shaped the digital asset landscape in the second quarter of 2025.

Key themes covered include:

1. Macro & Market Backdrop - Q2 opened with market turmoil following unexpected U.S. tariffs and retaliations, triggering a sharp sell-off in Treasuries, equities, and the dollar—but a partial policy reversal, resilient macro data, and strong retail inflows helped fuel a swift rebound led by U.S. tech stocks. the U.S. dollar remains under pressure due to deficit concerns, erratic policy signals, and global de-dollarisation trends—marking its worst start to a year since 1973.

2. Tariff Tensions & Digital Resilience - Digital assets weathered Q2’s tariff-driven volatility with surprising resilience; Bitcoin led the rebound, hitting a new all-time high on May 22 amid improving sentiment, rising volumes, and steady ETF inflows—suggesting growing institutional participation.

3. Derivative Digest - Historic lows in implied volatility reflects a notable degree of complacency in the options market, with limited pricing of extreme upside or downside moves. Funding rates and the future term structure show signs of cautious optimism but signs for a broader altcoin rally remain tentative.

Read the full report here:

Digital Asset Market Insights - Q2 2025 Investor Letter