15/05/25 10:03:34

Cryptocurrencies: Bitcoin all-time high not far away

The easing of the customs dispute is also supporting Bitcoin, Ethereum & Co. and Bitcoin is approaching its record high. Crypto ETNs are in demand again after weeks of uncertainty, especially Bitcoin trackers.


15 May 2025 FRANKFURT ( Börse Frankfurt). With the general recovery on the stock markets, Bitcoin has also risen sharply again. The most important cryptocurrency cost 102,575 US dollars on Thursday morning - the all-time high of 109,110 US dollars from January is not far away. At the low in April, it was briefly only around 75,000 US dollars. The latest driver: the agreement between the USA and China in the tariff dispute. “The phase of uncertainty following the announcement of the US tariffs seems to be behind us,” explains André Dragosch from issuer Bitwise. Dragosch cites the return of risk appetite, a supply deficit of bitcoins on the exchanges and the weaker US dollar as reasons for the recent positive development.

Bitcoin ETNs are also doing well again: “In Europe, physically collateralized Bitcoin ETNs recorded net inflows of 204 million US dollars in April alone,” reports Dovile Silenskyte from WisdomTree. Worldwide, the figure was almost 5 billion US dollars. “There is a growing conviction that Bitcoin deserves a permanent place at the strategic asset allocation table.”

Other currencies receive less attention

Ethereum and Ripple have also recovered recently, but are still a long way from their highs. According to WisdomTree, physically backed Ethereum ETNs recorded net inflows of just USD 2 million in April, but USD 160 million worldwide - “a clear discrepancy in regional conviction”, as Silenskyte notes. Issuer 21Shares speaks of a “turnaround” for the European crypto market in April, also reporting net inflows into crypto ETNs, a good half of which went into Bitcoin trackers. “The remainder was mainly spread across other large assets such as Ripple, Ethereum and Sui,” reports Maximiliaan Michielsen.

However, trading in Bitcoin ETNs is rather quiet. Only in VanEck Bitcoin (DE000A28M8D0) “there is always something going on”, explains Ivo Orlemann, who trades ETNs for ICF Bank. “We see little to no trading,” notes Leo Puschmann from Lang & Schwarz. If at all, it is about ETNs on Bitcoin, Ethereum and Solana.

Ivo Orlemann

Ivo Orlemann

Especially Bitcoin trackers. 

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

Cryptos and tech stocks: uncorrelated or in sync?

Bitcoin and the Nasdaq 100 tech index have performed quite similarly this year: Significant losses until the low in early April were followed by a recovery. Silenskyte from WisdomTree sees things differently: “The markets were shaken after Trump's surprise announcement of far-reaching tariffs, but while equities stumbled, Bitcoin was able to hold its ground,” she explains. Bitcoin is increasingly seen as a macroeconomic hedge that offers stability in a world shaken by trade disputes and inflationary aftershocks. Dragosch from Bitwise also sees a structural “de-dollarization” on the markets, which could make Bitcoin superior to gold and traditional “safe havens” in the long term.

“Disputes can go into overtime”

Michielsen from 21Shares looks at the period since the US election in early November 2024. Since then, Bitcoin has gained almost 40 percent, while the S&P 500 has been flat on the ground. “This underlines Bitcoin's decoupling from traditional risk assets. Its decentralized structure shields it from geopolitical influences and the limited supply ensures inherent scarcity,” he explains. Bitcoin is increasingly seen as digital gold - but with additional advantages, such as transferability and divisibility.

Timo Emden from Emden Research takes a more nuanced view: “Investors could now set their sights on the all-time high of around 109,000 US dollars,” he explained in Manager Magazin. At the same time, he warned: “The trade disputes are still anything but off the table and could go into overtime at any time.”

By Anna-Maria Borse, 15 May 2025, © Deutsche Börse AG

Anna-Maria Borse is a financial and business editor specializing in the financial market/stock exchange and economic topics.

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