Bitcoin just as vulnerable as major assets – Anthony Yeung, Global Head of Strategic Development at CoinCover

• Bitcoin ranges under $85,000 on Tuesday, up nearly 3% on the day. 
• Anthony Yeung of CoinCover says Bitcoin is just as vulnerable as other major assets in light of the rising correlation with US equities. 
• The US macro environment remains highly unpredictable with inflation concerns and this could fuel volatility in Bitcoin. 

Bitcoin trades under the $85,000 mark, holding on to nearly 3% gains on Tuesday ahead of Donald Trump’s Liberation Day. Crypto traders remain fearful, the sentiment reads 34 on a scale of 0 to 100 on the Fear & Greed Index. 

Anthony Yeung, Global Head of Strategic Development at CoinCover, spoke to FXStreet and shared his comments on key narratives shaping the crypto landscape in 2025. Yeung talked about the SEC vs. Ripple lawsuit, the likelihood of altcoin ETF approvals in the second half of the year, Bitcoin’s increasing correlation with US equities and crypto crime, among other things. 

Q. What are your thoughts on the likelihood of altcoin crypto ETF approvals in H2 2025?

The SEC’s approval of ETH ETFs in 2024 recognises the underlying demand for crypto ETFs beyond just Bitcoin. The success of the largest ETH spot ETF, ETHE, which now accounts for 2% of Ethereum’s total market cap, not only reflects the increasing institutional interest but also signals that the market is ready for a broader range of crypto ETFs. Given this momentum, we anticipate that ETFs for some of the better-established and more mainstream altcoins will start securing approvals as we move through 2025. This will allow investors to gain exposure to a wider variety of crypto assets in a regulated and secure manner.

Q. Any comments on the end of the SEC lawsuit against Ripple and what impact it could have on the industry?

The most immediate impact of the SEC’s lawsuit against Ripple coming to an end was on the price of XRP, which saw a brief rally. That said, market sentiment suggests the widely-expected cessation of the lawsuit had already been priced in. In the longer term, this could pave the way for an XRP ETF, but the underlying question of whether XRP is a security remains unresolved. The ruling created a split as retail sales are not considered securities while institutional sales are, which means uncertainty lingers. Regulatory certainty is what the industry needs, as it brings stability and this outcome has left things more ambiguous than hoped.

Q. With Bitcoin’s increasing correlation with tech stocks and US equities, the safe haven narrative is no longer relevant. Do you think this affects BTC adoption positively or negatively among retail investors?

Bitcoin now appears just as vulnerable to global financial contagion as other major assets. However, the currency’s increasing correlation with other indices does lend Bitcoin a degree of predictability, which could well support adoption among retail investors. 

Q. Thoughts on the utility of meme coins and whether they have a future as a crypto category this year and the next?

Meme coins have never truly had utility. Instead, they represent the speculative, high-risk, high-reward corner of the crypto market. Demand for them is unlikely to disappear as they appeal to investors with very specific risk profiles. However, the meme coin space is also rife with fraud, designed to prey on investors’ expectations of high returns. Well-publicised fraudulent events like rug pulls continue to cast a shadow over the broader perception of crypto as a legitimate asset class.

Q. What would you list as key challenges facing crypto in 2025?

Security remains one of the most pressing challenges for both the crypto industry and its investors. The frequency and scale of hacks, scams and fraud continue to undermine trust, not just among retail investors but also within the institutional space. Research consistently shows that security concerns are a major barrier to mass adoption, and once investors experience fraud firsthand, many leave crypto for good. Addressing these issues will be critical, not just to protect users but to ensure the long-term sustainability of the industry. If security risks persist unchecked, we could see increased regulatory scrutiny, diminished investment, and slower adoption rates across the board.

Q. What are your comments on the rising instances of crypto crime, the $1.5 billion crypto hack on Bybit, and how does this affects the acceptance of crypto as an alternative asset class?

The $1.5 billion hack on Bybit is yet another stark reminder of how much work remains to be done on security in crypto. High-profile breaches like this damage confidence and reinforce the perception that crypto is a risky space to operate in. For crypto to gain broader acceptance as a mainstream asset class, platforms need to step up their security measures, regulators need to provide clearer frameworks and investors need better protection. 

Q. Do you believe the bull market is on? Or does the recent Bitcoin price correction mark the beginning of the bear market?

We’re not in the business of making price predictions. That said, whether or not the current correction signals the end of the bull market, a bear market is inevitable at some point. Now is the time to prepare strategies to keep retail investors engaged when the inevitable downward price shocks arrive.

Q. In your opinion, what are the top three narratives in crypto in 2025?

Security for retail investors will remain one of the dominant narratives, as concerns about hacks, fraud and asset protection continue to shape the industry. Similarly, security for institutional investors will be critical as larger players seek to mitigate risks while increasing exposure to crypto. Lastly, security for platforms will be a major focus, with exchanges and service providers needing to enhance safeguards to protect user funds. Additionally, the stance of the US government towards crypto and the developments that follow will be crucial in shaping the industry’s immediate trajectory.

Q. Will institutional investors increase their appetite for crypto investments, adding tokens to their treasury/balance sheet and investing in altcoin ETFs, or should we expect a decline in ETF adoption?

Institutional inflows into crypto have been increasing for some time and there’s no reason to expect a slowdown, especially given the rising popularity of ETFs. Recent high-profile hacks have reinforced that institutional investors face the same security risks as retail investors. ETFs provide a secure way of mitigating this risk to gain exposure to crypto, but until they are universal, institutional players will still need to invest natively and address the security challenges that come with that.

Q. What are your thoughts on the US macro environment and its impact on Bitcoin and crypto prices?

It is time to buckle up. The US macro environment remains highly unpredictable, with inflation concerns, interest rate decisions and regulatory shifts all playing a role in shaping crypto markets. Historically, monetary policy has had a direct impact on crypto prices and any Fed moves or policy changes could drive major volatility, making the macro landscape a key factor for Bitcoin’s trajectory.