Welcome to Crypto Mondays, a weekly deep dive into the evolving world of digital assets, hosted by Marcel Kasumovich, Chief Investment Officer, and Sebastian Bea, President of Coinbase Asset Management. Each episode unpacks critical trends shaping the crypto landscape—from macroeconomic shifts to regulatory momentum and asset performance.
This week’s discussion focuses on three pivotal themes influencing market dynamics in 2025: the dominance of macro forces over micro developments, growing pro-crypto sentiment in U.S. policy circles, and the ongoing performance gap between Bitcoin and altcoins. Let’s explore each topic with clarity and context.
Macro vs. Micro: Why Big Picture Economics Still Drive Markets
In recent months, macroeconomic factors have consistently overshadowed company-specific or project-level news in driving crypto valuations. Interest rate expectations, inflation data, and global liquidity conditions remain the primary levers moving the market.
👉 Discover how macro trends are reshaping digital asset strategies in real time.
Currently, markets are pricing in a delayed timeline for Federal Reserve rate cuts compared to earlier projections. This tightening backdrop has kept risk assets—especially speculative ones like cryptocurrencies—under pressure. However, a potential shift looms on the horizon: trade policy announcements expected around April 2 could serve as an inflection point.
Historically, shifts in U.S.-China trade relations or new tariff frameworks have triggered rapid re-pricing across asset classes. If these upcoming announcements suggest de-escalation or structured negotiation, they could unlock renewed investor confidence and inject liquidity into risk-on sectors, including crypto.
While micro-level innovations—such as protocol upgrades or exchange listings—are important for long-term value creation, they often fail to move the needle in risk-averse environments. For now, investors should remain focused on macro catalysts that can alter market sentiment at scale.
U.S. Policy Support Grows—But When Will Markets Catch Up?
One of the most encouraging developments in 2025 is the increasing alignment of U.S. financial regulators with pro-crypto policies. Agencies like the FDIC, SEC, and key congressional committees are showing signs of constructive engagement.
The FDIC has recently issued guidance clarifying custody rules for digital assets held by insured banks, reducing legal ambiguity for traditional institutions exploring blockchain integration. Meanwhile, the SEC, despite its historically cautious stance, has approved several rule changes that facilitate greater institutional participation in crypto-linked financial products.
Congress, too, is advancing bipartisan legislation aimed at establishing a clear regulatory framework for digital asset securities and stablecoins. These efforts signal a maturing policy environment—one that recognizes crypto not as a fringe experiment but as a legitimate component of modern finance.
Yet, despite this regulatory progress, market prices have been slow to reflect the improved outlook. Why?
Because policy momentum doesn’t always translate immediately into capital flows. Investors await enforcement clarity, enforcement consistency, and tangible adoption metrics before reallocating significant funds. The lag between regulatory advancement and market response is normal—but it also presents a strategic opportunity for forward-looking participants.
👉 Stay ahead of regulatory shifts shaping the future of digital finance.
As frameworks solidify, we expect increased inflows from pension funds, endowments, and asset managers seeking diversified exposure to blockchain-based assets.
Bitcoin vs. Altcoins: Can Alts Close the Gap?
Bitcoin continues to outperform most altcoins in 2025, reinforcing its status as the benchmark asset of the crypto ecosystem. Its scarcity model, network security, and growing recognition as a macro hedge have attracted both retail and institutional capital.
But what about altcoins? How can they prove their worth and close the performance gap?
The answer lies in realized utility and on-chain revenue generation—two metrics gaining prominence among sophisticated investors.
Take Ethereum (ETH), for example. As the leading smart contract platform, ETH’s value proposition hinges on its ability to support decentralized applications (dApps), DeFi protocols, and NFT ecosystems. Recent data shows rising transaction fees and developer activity on Ethereum, suggesting sustained demand for its computational resources.
Moreover, Layer-2 scaling solutions—such as Optimism, Arbitrum, and Base—are proving critical in expanding Ethereum’s throughput while lowering costs. These networks are not just technical upgrades; they represent new economic layers where value is created and captured.
For altcoins beyond ETH to gain traction, they must demonstrate:
- Sustainable revenue models (e.g., protocol fees, staking yields)
- Growing user bases with measurable engagement
- Real-world use cases, such as supply chain tracking, identity verification, or cross-border payments
- Interoperability with major ecosystems
Projects that fail to deliver on these fundamentals risk being sidelined—even during bullish market cycles.
Investors should evaluate altcoins through a fundamentals-first lens rather than speculative hype. Look for protocols with transparent tokenomics, active development teams, and verifiable on-chain activity.
Frequently Asked Questions (FAQ)
Q: Why is Bitcoin outperforming altcoins recently?
A: Bitcoin benefits from strong macro narratives—such as inflation hedging and institutional adoption—while many altcoins lack equivalent visibility into revenue generation or real-world utility.
Q: Will regulatory clarity boost altcoin prices?
A: Yes, but selectively. Clear rules will favor compliant projects with robust governance and utility. Speculative or non-compliant tokens may face headwinds.
Q: What should I watch for in Ethereum’s ecosystem?
A: Monitor ETH’s burn rate (from transaction fees), Layer-2 adoption metrics, and developer activity—all indicators of ecosystem health.
Q: Are macroeconomic factors more important than project fundamentals right now?
A: In the short term, yes. Macro drivers set the overall risk appetite. However, over the medium to long term, fundamentals determine which projects survive and thrive.
Q: How do I assess whether an altcoin has real value?
A: Examine its on-chain metrics (e.g., daily active addresses, transaction volume), revenue streams (e.g., fees collected), and alignment with real-world problems.
Q: Is now a good time to invest in crypto?
A: Timing markets is difficult. A disciplined approach—such as dollar-cost averaging into assets with strong fundamentals—can reduce risk and improve long-term outcomes.
👉 Access real-time market analytics and tools to evaluate digital assets like a pro.
As we move deeper into 2025, the convergence of favorable policy trends, maturing infrastructure, and renewed macro liquidity could create fertile ground for crypto innovation and investment growth. Whether you're focused on Bitcoin’s resilience or exploring high-potential altcoins, staying informed is your greatest advantage.
Keep watching Crypto Mondays for ongoing insights from Marcel Kasumovich and Sebastian Bea as they navigate the intersection of finance, technology, and policy in the digital asset era.
Note: The views expressed are those of the speakers and do not constitute investment advice.