18/06/25 11:46:23

Cryptocurrencies: “Many factors support Bitcoin”

Bitcoin's all-time high from May is not far off. And many see the most important cryptocurrency as continuing to be well supported. However, other currencies are trading well below their highs in some cases.


18. June 2025. FRANKFURT (Börse Frankfurt). Bitcoin remains at a high level, despite significantly increased geopolitical uncertainty due to Israel's attack on Iran. Apparently, more and more people are using the most important cryptocurrency as a hedge – at least for the moment. On Wednesday afternoon, Bitcoin was trading at $105,000, not far off its all-time high of just under $112,000 on May 22.

However, many other cryptocurrencies are disappointing and trading well below their highs, such as Ethereum, Solana, and Ripple. Ethereum is currently trading at $2,540, down from its all-time high of over $4,000 in December last year. Solana and Ripple are also far from their record highs of $292 and $3.39 in January, currently trading at $148 and $2.16, respectively.

“US$200,000 in the second half of the year”

“The fact that Bitcoin has remained above the US$100,000 mark for so long could be more significant than the all-time high itself,” says Dovile Silenskyte of crypto ETN issuer WisdomTree. This shows that the market has matured. “From inflows into exchange-traded crypto products to government-owned cryptocurrencies and ongoing skepticism about fiat currencies to supply dynamics after the halving, the price level is supported by many factors.”

“The new all-time highs are not merely an expression of bullish sentiment – they are fundamentally supported by stable institutional inflows, macroeconomic tailwinds, and a global shift toward real value-based asset classes,” agrees Maximiliaan Michielsen of 21Shares. “Bitcoin is not only weathering the ongoing turmoil – it is increasingly being seen as a key element in the emerging architecture of the financial system.” André Dragosch of issuer Bitwise is also confident about Bitcoin, pointing to inflationary global money supply growth, increasing doubts about bonds as an asset class, and rising demand for Bitcoin from companies (“from GameStop to Paris St. Germain”). “Bitcoin appears to be well on its way to reaching the $200,000 mark in the second half of 2025,” he explains.

Five years of crypto ETNs.

Exactly five years ago, on June 18, 2020, the first crypto ETN was listed on Xetra: Bitwise Physical Bitcoin, then known as ETC Group Physical Bitcoin—the first centrally cleared product of its kind worldwide. The listing became a catalyst for numerous other listings of crypto products on Xetra, now the largest European trading venue for crypto ETNs. Bitwise Physical Bitcoin is still one of the largest and highest-turnover physically backed Bitcoin ETNs in Europe.

“The story is missing”

According to WisdomTree, physically backed Bitcoin ETNs in Europe recorded net inflows of US$82 million in May, bringing the total since the beginning of the year to US$523 million. Worldwide, the figure was more than US$5 billion in May and over US$9 billion since the beginning of the year. WisdomTree also reports inflows for Ethereum ETNs.

Trading in Bitcoin ETNs is rather quiet. “The story is missing,” notes Leo Puschmann of Lang & Schwarz. When trading does take place, it is mostly in Bitcoin, Ethereum, or Solana trackers. “There's not much going on,” reports Ivo Orlemann of ICF Bank. “Only VanEck Bitcoin (DE000A28M8D0) is always busy.”

Ivo Orlemann

Ivo Orlemann

Bitcoin and Ethereum in the lead.

The most traded crypto ETN on Xetra in May was CoinShares Physical Bitcoin (GB00BLD4ZL17), followed by Bitwise Physical Bitcoin (DE000A27Z304). The Bitcoin trackers from 21Shares (CH0454664001), VanEck (DE000A28M8D0), WisdomTree (<GB00BJYDH287) and iShares (XS2940466316) also recorded high sales. The ETNs with the highest sales on other currencies this time were Ethereum trackers from 21Shares (CH0454664027) , CoinShares (GB00BLD4ZM24) and VanEck (DE000A3GPSP7), followed by 21Shares XRP on Ripple (CH0454664043) and 21Shares Solana Staking (CH1114873776).

“Set up a crypto crash-proof portfolio”

However, there are still many critical voices, including Ali Masarwah from the fund platform Envestor: "When will the crypto bubble burst? I don't know. The great tulip speculation of the 17th century lasted for decades,“ he explains. However, given the technological ”turbo acceleration“ of the modern age, he does not believe that we are only at the beginning of the ”crypto mania on credit." “When in doubt, investors should stay away – and make sure their portfolios are as crypto-crash-proof as possible.”

Ali Masarwah 

By Anna-Maria Borse, 18 June, 2025, © Deutsche Börse AG

Anna-Maria Borse is a financial and business editor specializing in financial markets/stock exchanges and economic issues.

Feedback and questions to redaktion@deutsche-boerse.com