As the anticipation of a pro-crypto regulatory environment is expected with President-elect Donald Trump’s arrival, Sygnum Bank, a Switzerland-based digital asset banking group, believes that the bull run is likely to continue into 2025.

According to the latest Sygnum Bank report, most of the largest institutions haven’t entered the crypto ecosystem yet. “The opportunity for further steep price appreciation is from engagement by these investors,” the report reads. 

The U.S.-based spot Bitcoin (BTC) exchange-traded funds, launched in January, have already seen a net inflow of $34.55 billion despite a $20.8 billion outflow from Grayscale’s GBTC fund. BlackRock alone recorded an inflow of over $35 billion into its IBIT ETF. 

These products allow exposure to crypto investments in the largest economy in the world.

This is largely due to the expectations of pro-crypto policies, acting as a major catalyst for the bull run, with Trump’s arrival — the inauguration is scheduled for Jan. 20, 2025.

“Expectations of a much more favorable regulatory climate in the US have been fuelling the rally since Donald Trump’s election victory,” Sygnum wrote.

Sygnum also expects stablecoin to gain mainstream adoption in 2025. Thanks to the recent market-wide bullish sentiment, the total stablecoin market cap surpassed the $200 billion mark, with USDT leading with roughly $140 billion, according to data from CoinGecko. 

The digital asset banking group’s report pointed out the limited use cases of stablecoins since most of their volume comes from trading cryptocurrencies on exchanges. 

“This might change soon, however,” Sygnum added, hinting at the incoming regulations and stablecoin integrations into payment service providers like Visa, PayPal and MasterCard, to name a few.

On the other hand, the Switzerland-based bank believes that altcoins, unlike the previous bull runs, wouldn’t shine as much as Bitcoin. One of the main reasons, Sygnum says, is the spot BTC ETFs. Sygnum’s report reads:

“The Bitcoin ETFs provided market access to investors who are not set up to trade and settle direct investments in crypto assets. These holders will not be selling their Bitcoin ETFs to buy altcoins.”