Ethereum has staged a sharp rally in 2025, drawing renewed attention from investors seeking ways to participate in its growth. In response, we offered clients various digital asset–linked solutions, including an ETH-linked product designed to balance upside participation with capital protection.
Source: Bloomberg
Market Commentary
Ethereum has been one of the standout performers of 2025, driven by several factors:
- Institutional Demand & ETFs: Inflows to spot ETH ETFs have picked up dramatically this year, often outpacing inflows to BTC ETFs, creating a more liquid, regulated access point for investors.
Source: Bloomberg
- On-Chain Activity & Stablecoins: Ethereum remains the backbone of DeFi and the stablecoin ecosystem (e.g. USDT, USDC). Stablecoin settlement volumes are rising, supported by lower transaction costs following recent upgrades. Importantly, major banks are now piloting stablecoin payments for cross-border and real-time settlement, reinforcing the chain’s role as core financial infrastructure.
- Supply Dynamics: A larger share of ETH is staked or locked in DeFi protocols, while the ongoing burn mechanism reduces circulating supply. Together, these dynamics tighten the available float and underpin price resilience.
- Macro Tailwinds: Softer USD, expectations of Fed rate cuts, and improving regulatory clarity are boosting sentiment across the crypto complex.
- Technical Momentum: ETH recently posted its highest weekly close in four years and is testing resistance closer to $4,000, with bullish momentum supporting continued client interest.
Source: Bloomberg, Marex
How Clients Are Engaging with Ethereum
Institutional investors have increasingly asked for ways to balance risk management with upside exposure when allocating to digital assets. Within our Investment Opportunities 2025 publication, we discussed the broader concept of using structured products that combine capital preservation features with participation in market growth.
Ethereum has been a focal point for many clients, reflecting both its strong performance and its growing role in institutional portfolios. Our work in this space focuses on designing solutions that can provide structured, risk-managed exposure – always tailored to the objectives and constraints of professional investors.
If you are interested in understanding more about the types of approaches available for digital asset exposure, our team would be pleased to discuss this with you.
*All requests will be reviewed internally before granting access to the 2025 Investment Opportunities e-booklet. Please note, this is for professional/institutional investors only and may not be shared
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