Coinbase Institutional's Q4 Outlook: Bullish and Bearish Signals for BTC, ETH, L2s
In its Q4 2025 outlook, Coinbase Institutional suggests a positive market cycle driven by liquidity, stablecoins, and policy progress, but warns of near-term fragility. The report indicates that stablecoins and the development of ETF infrastructure are enhancing the crypto ecosystem, favoring Bitcoin as the leader while Ether appears promising due to lower transaction fees and increased layer-2 activity. A market survey reveals that many institutions are optimistic about Bitcoin's performance over the next few months, despite macroeconomic uncertainties being a primary concern. Coinbase also highlights the growing role of digital-asset treasury companies as stable buyers of Bitcoin and Ethereum, though potential risks include a possible liquidity decline and the impact of missing U.S. economic data. Overall, Coinbase's outlook remains cautiously bullish, expecting liquidity and policy to support the market as the year wraps up.
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