Q2 2025 Signals Report on Bitcoin and Ethereum

This document is a Signals Report for Q2 2025, focusing on the market conditions for Bitcoin and Ethereum. It outlines the performance of Bitcoin, which experienced a price increase of 31% quarter-over-quarter, reaching $108,374. The report details various on-chain metrics that indicate a shift in market perception of Bitcoin, suggesting it may be transitioning from a high-volatility asset to a potential hedge and store of value. Additionally, it discusses Ethereum's rebound in the same quarter, highlighting that while short-term metrics are recovering, long-term valuation signals remain below historical highs. The report includes a breakdown of key indicators for both cryptocurrencies categorized by short-term, mid-term, and long-term outlooks, providing insights into market dynamics and investor behavior. The analysis also touches on the implications of geopolitical factors and institutional acceptance of digital assets, particularly Bitcoin, as part of corporate treasury strategies.