Delphi's Markets Year Ahead 2025
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Hello, everyone, and welcome to the Delphi podcast. I'm here today with the markets team at Delphi Research. We're, we're gonna go ahead and talk about their, their year ahead report for 2025. This is just kind of like looking forward ahead, what they expect to see over the next year. I am, Ceteris head of research at Delphi. And then we've got Michael, Jason and Kevin are on the Marcus team. And, yeah, this is the 2nd gear head podcast that we're doing. We had the gaming one come out last week and we're going to have after this one, infrastructure defy. And then the last one is deepen, d e a
I'm happy to, to take things off. I think a lot of what we'll talk about today are things that people have been reading our research, won't necessarily be terribly new because we've been talking about a lot of these things for quite a while. I think to set the stage this year obviously has been quite a great year, not just for crypto, but for risk assets more broadly. And if you zoom out a little bit, you know, we started talking at the end of 2022 and our year ahead that year around how we thought the bottom and risk was already in. There were these big indicators that the structural headwind
Yeah. I mean, put out the report about a year ago. Right? Our last year ahead report, we kind of highlighted a lot of the global liquidity trends that Kev was talking about. Right. And we kind of like to kind of put some specifics to it. We we thought that, you know, global liquidity had bottomed and it was looking really good until probably around, like, q 1, q2 of this year, which is kind of what we saw, in risk assets specifically with, like, Bitcoin. Right? Bitcoin did really well into the end of last year, and then we had ETFs launch at the same time that those global liquidity trends kin
in Unifin, so you didn't know that they would give the dog a hat, right? No,
it's true. I didn't know. I didn't know there would be a hat. I just knew there would be a dog. But when the hat came in, maybe that was a sign.
All right. So so how about so we're sitting here today. It's Friday, December 6th. East just crossed 4 k. Congrats to all the above. Back above 4 ETH BTC. That's getting a lot of strong ETF flows last few days. I kind of thought like post election, we would see this as people start moving on from like the pure BTC, play and with like, improving regulatory environment, starting to allocate to these kind of like tech narratives. And that's what it kind of is, right? If you have these 2 ETFs, you have Bitcoin as the money allocation, and ETH kind of just is the bucket for tech, right? It represen
I I could start with this real quick. I, you know, we we've written about this a lot over the over the past year, but if I had to kind of characterize, crypto markets in 2024, I'd say there's been, like, 3 big overarching trends. The first one is rising Bitcoin dominance. So Bitcoin dominance went from around 50%. So one out of every $2 in crypto, was was Bitcoin to a little over 60% at at its peak, which was, like, a week or so ago. So, intuitively, that just means that Bitcoin outperformed most crypto assets. So that's kind of one big trend that we saw in markets this year. The second one, w
Yeah. And and to add on that, right, I think you kind of touched on this, Idris, earlier is, like, I think there there has definitely been, like, the palpable shift in this less quantifiable kind of optimism type of, you know, theme since the November election. Right? Like, like, ETF flows were kind of, to put it bluntly, horrific since launch up until, you know, mid November,
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