As the final quarter of 2025 gets underway, investors are entering a historically favorable period for crypto markets — particularly for bitcoin (BTC), which has delivered an average Q4 return of 79% since 2013.

According to a new report from CoinDesk Indices, several factors may help that trend repeat, including monetary easing, surging institutional adoption and fresh regulatory momentum in the U.S.

The backdrop is shifting fast. The Federal Reserve’s latest rate cut brought interest rates to their lowest level in nearly three years, setting the stage for broader risk-on sentiment. Institutions responded aggressively in Q3: U.S. spot bitcoin and ether (ETH) ETFs saw combined inflows of over $18 billion, while public companies now hold more than 5% of bitcoin’s total supply.

Altcoins, too, have made inroads, with over 50 listed firms now holding non-BTC tokens on their balance sheets, 40 of which joined just last quarter.

Bitcoin ended Q3 up 8%, closing at $114,000, driven largely by treasury adoption among public companies. With expectations for further rate cuts and growing interest in bitcoin as a hedge against currency debasement, CoinDesk Indices expects the asset’s momentum to continue into year-end.

But this time around, bitcoin is sharing the spotlight. Ethereum surged 66.7% in Q3, hitting a new all-time high near $5,000. That move was led by treasury accumulation and ETF flows, but future gains may hinge on November’s Fusaka upgrade which is aimed at improving scalability and network efficiency. If successful, it could reinforce Ethereum’s role as the foundation for on-chain financial activity, especially in “low-risk” DeFi.

Solana (SOL) saw a 35% quarterly gain, backed by large-scale corporate purchases and record ecosystem revenue. With new exchange-traded products launching and the Alpenglow upgrade in the pipeline, Solana is positioning itself as the high-performance layer for decentralized applications, a narrative that resonates with institutions seeking throughput and cost efficiency.

XRP, meanwhile, delivered a year-to-date gain of nearly 37%, fueled by legal clarity after the Securities and Exchange Commission (SEC) and Ripple withdrew appeals in their long-running case. Investors are watching closely as Ripple’s stablecoin RLUSD expands globally. The stablecoin’s rapid growth could draw more DeFi protocols to the XRP Ledger, deepening XRP’s utility.

Cardano (ADA) rose 41.1% in Q3, outperforming several of its peers. While activity on the chain remains relatively modest, consistent growth in stablecoin use, derivatives volume and DEX activity has created a more stable base for potential expansion. A pending decision on a spot ADA ETF could mark a turning point for institutional adoption.

The broader trend is also evident in index performance. The CoinDesk 20 Index, which tracks the 20 most liquid and tradable digital assets, gained over 30% in Q3, outpacing bitcoin. The CoinDesk 80 and CoinDesk 100, which capture mid- and small-cap assets, also posted strong returns, reflecting growing interest across the market cap spectrum.

Looking ahead, the approval of generic listing standards for crypto ETFs and the emergence of multi-asset and staking-based ETPs could further accelerate inflows. For traders, Q4 presents a unique mix: a favorable macro environment, deepening institutional engagement and renewed interest in altcoins.

Picture someone’s first day in crypto. They heard the promises about owning their own money, accessing global markets, and participating in the new economy. They download a wallet, buy some ETH, and find an interesting app. Then it happens.

«Please switch to the Base network.»

What? They Google frantically, watch a YouTube tutorial, and maybe they figure it out, maybe they don’t. Most just leave, with a study finding 80% of crypto users quit blockchains within 90 days.

The greatest innovation of the last decade — the proliferation of powerful blockchains — has inadvertently created Web3’s greatest weakness: a user experience so fragmented and clumsy that it pushes away all but the most determined users.

And the most glaring symptom of this failure? The humble «Network Switch», a feature that has become a symbol of everything holding us back.

The MetaMask Years Taught Me Everything

When I was at ConsenSys a decade ago, the mission was simple. Onboard the world to Ethereum through MetaMask. Back then, there was one chain available to MetaMask users. Users could just focus on the applications, the possibilities, the revolution we were building. MetaMask succeeded spectacularly as that gateway with millions of users and billions in volume.

But watching its evolution revealed our industry’s fundamental problem. The «Networks» dropdown that appeared as other chains launched wasn’t a feature — it was an admission of failure. We’d prioritized technical expansion over user comprehension.

The brutal truth is that if users have to think about chains, we’ve already lost.

Why Everyone Hates Using Crypto

Want to use Ethereum assets on a Solana app today? Buckle up. First, find a bridge (good luck picking the secure, compatible, low-fee option). Connect your wallet. Approve tokens. Pay gas. Wait for confirmations. Switch networks in your wallet. Connect again. Hope nothing went wrong. Check three different block explorers to track your assets.

It’s madness. We’re living in the digital equivalent of the pre-Internet dark ages, when you needed to know if a service was on AOL or CompuServe and manually dial into different networks. The internet didn’t win because it had better technology. It won when that complexity disappeared.

Every network switch prompt costs us users, through the gas fees and how it wastes time. Every confused transaction kills adoption. Every «wrong network» error message pushes mainstream acceptance further away. We’re not losing to traditional finance because they’re better. We’re losing because they’re simpler.

Developers Are Drowning Too

Wallets get blamed, but they’re just showing the mess underneath. The real disaster lives at the foundation.

A founder recently told me their breaking point. “We launched on Ethereum and saw real traction. Users loved it. Then we tried expanding to Solana and Sui to reach more people. Suddenly, we’re learning entirely new programming languages, duct-taping chains together with sketchy bridges, maintaining three separate codebases. Six months later, we gave up on the expansion. The complexity was killing us.»

This story repeats everywhere. Teams spend more time managing infrastructure than building products. Liquidity fragments across chains. Users get confused about which version to use. Innovation suffocates under operational overhead.

We’re forcing users to be their own travel agents in a world of incompatible airlines. Need to go from Ethereum to Solana to Arbitrum? Figure out the connections yourself. Book each leg separately. Hope your assets arrive. What we desperately need is Expedia for blockchains. Something that handles the entire journey invisibly while users focus on their destination.

The Fix Already Exists

The solution demands more than better wallet interfaces or smoother bridges. We need chain abstraction. We need the ability for applications to interact with any chain natively, making the underlying blockchain invisible to users.

This technology exists today. Several teams are building it. Account Abstraction solutions like ZeroDev improve the wallet user experience, and cross-chain messaging solutions like Chainlink CCIP help move data from chain A to chain B. Blockchains like ZetaChain (where I’m a Core Contributor) approach it differently. From day one, they enable apps that span all major chains, including the Bitcoin network, which normally isn’t supported by cross-chain smart-contract platforms.

Imagine a universal layer that securely connects to all chains, where a single smart contract manages assets like stablecoins and logic everywhere simultaneously. Users see a simple one-click action like swap native BTC for ETH, deposit stablecoins on Ethereum into a yield app on Solana, or accept payment in any token on any chain. The protocol handles all the complex cross-chain execution automatically. No popups. No switching. No anxiety about being on the «right» network.

The infrastructure works. What’s missing is admitting that our current approach has failed and committing to implementing something radically simpler.

Time to Choose

The crypto industry stands at a crossroads. We can keep building for ourselves, adding more chains, more bridges, more complexity, and remain a niche corner of finance. Or we can finally put users first.

Remember why we started this movement? To create a better financial system. To give people control. To eliminate intermediaries. None of that matters if regular people can’t use what we build.

The network switch needs to become a museum piece, a relic from when we were too focused on technology to see the humans trying to use it. Every major breakthrough in computing came when complexity was hidden. From command lines to GUIs, from manual IP addresses to domain names, from desktop software to cloud services.

Our moment has arrived. The technology to make blockchains invisible is here, proven, and ready. The question isn’t whether we can fix Web3’s user experience.

The question is whether we have the courage to admit we broke it in the first place.

China’s Ministry of Commerce (MOFCOM) says its new rare-earth export controls are lawful national-security steps — not blanket bans — and that licenses will be issued for eligible civilian trade, according to a spokesperson’s Q&A posted on X Sunday morning local time.

Rare earths — a group of 17 elements used in permanent-magnet motors for electric vehicles (EVs) and wind turbines, defense electronics and other high-tech gear — occupy an outsized role in supply chains because China dominates the sector.

Beijing accounts for roughly 70% of global production and about 90% of processing and refining; so licensing shifts can ripple downstream even when mining or final manufacturing happens elsewhere.

In remarks published only hours ago, the MOFCOM spokesperson framed the Oct. 9 action — taken with the General Administration of Customs — as part of a longer effort to “refine” China’s export control system in line with domestic law and non-proliferation obligations.

The spokesperson cited the military relevance of medium- and heavy rare earths and said partners were notified in advance through bilateral export-control dialogue mechanisms.

Implementation, the ministry said, will hinge on licensing rather than prohibition.

Reviews will be conducted under law, licenses will be granted where applications qualify, and Beijing is “actively considering” facilitation measures — including potential general licenses and license exemptions — to promote legitimate trade.

The spokesperson also said China had assessed the measures’ effects ahead of time and expects the broader supply-chain impact to be “very limited.” The message to commercial users was explicit: compliant civilian exports “can get approval.”

Responding to Washington — while leaving room for talks

MOFCOM also addressed President Donald Trump’s comments from Oct. 10 on Truth Social about an additional 100% tariff on Chinese imports (becoming effective Nov. 1, 2025) and prospective U.S. export controls on “critical software.”

The spokesperson called the American position a “double standard,” pointing to the breadth of U.S. control lists and de minimis rules as examples of Washington’s expansive approach.

At the same time, the ministry emphasized process, saying China “does not want” a trade war but “is not afraid” of one, and urging a return to established consultation channels to manage differences on a reciprocal basis. The spokesperson said China would take “resolute measures” to protect its interests if the U.S. proceeds.

Separate comments criticized U.S. port fees due to take effect Oct. 14 on certain Chinese-linked vessels.

MOFCOM described those fees as unilateral and inconsistent with WTO rules and bilateral agreements. China, the ministry said, will levy special port fees on U.S.-linked vessels under domestic regulations — characterizing the step as a defensive countermeasure aimed at safeguarding the rights of Chinese companies and maintaining fair competition in shipping.

As of Sunday, 9:15 a.m. UTC, according to CoinDesk Data, bitcoin traded around $111,271, down 0.5% in the past 24 hours and 10% from Thursday’s Oct. 9 intraday high of $123,641. The Crypto Fear & Greed Index read 24 — «Extreme Fear» — versus «Greed» a week ago, underscoring fragile sentiment.