Stablex 2025 Q3 Report: Bitcoin and Altcoin Analysis

Stablex, a subsidiary of Ak Yatırım, has published the cryptocurrency market report for the third quarter of 2025. This report is enriched with data compiled from sources such as TradingView, Glassnode, Coinglass, Farside, and Bloomberg, providing a comprehensive assessment of the Bitcoin outlook in the cyclical maturation phase, ETF flows, regulatory steps, and corporate treasury strategies.

In the third quarter of 2025, Bitcoin rose by 6.4%, completing the period positively. The price tested the $124,000 level twice, renewing its historical peaks. Behind this rise are expectations of interest rate cuts from the Federal Reserve and increasing institutional demand for spot Bitcoin ETFs. During this quarter, a total of $8.7 billion entered ETFs, while approximately 47,000 Bitcoin were added to corporate balance sheets. Looking at the historical performance of the fourth quarter (%48 median), the market is still considered to have upward potential.

According to Stablex's analysis, on-chain data indicates that the market is maturing but has not yet produced a "peak region" signal. The Puell Multiple remaining in the middle band signals limited miner selling pressure. NUPL reflects balanced profit-taking in the "faith-denial" band, while the MVRV Z-Score has not yet reached the overvaluation zone. HODL Waves show that a significant portion of long-term investors still holds their positions. As a result, the structural dominant direction remains positive; although volatile corrections occur, there is room for new peaks.

The third quarter of 2025 witnessed important developments in cryptocurrency regulations. In the U.S., access to crypto banking was secured, and tax burdens deemed unmanageable for DeFi were lifted. The Ripple case concluded without appeal, and XRP's secondary market status was clarified. The U.S. Treasury announced a plan to grow Bitcoin reserves without sales. In Asia, South Korea, Japan, and Hong Kong accelerated their stablecoin licensing processes. These developments are creating a more predictable regulatory environment on a global scale.

In the ETF market, a new era began as BlackRock applied to the SEC to include staked Ethereum yields in their Ethereum ETF. Over $10 billion was observed entering Ethereum ETFs, while new altcoin ETF applications (Solana, XRP, Cardano, Litecoin) are in the waiting process. This transformation signifies a shift of ETF products from passive investment vehicles to active return-tracking instruments.

Corporate companies have increased their tendency to permanently integrate crypto assets into their balance sheets. Companies such as Strategy, Metaplanet, and Sharps Technology are growing their Bitcoin and Solana holdings. Stablex states that this structure has triggered "Layer 1 treasury wars" and made corporate interest permanent. Notable points for investors include the approval of Ethereum staking ETFs, new participations in corporate treasuries, and tokenization volume rising.