Bitcoin cycle in 'third inning,' says CoinGecko CEO Bobby Ong

CoinGecko CEO Bobby Ong believes Bitcoin is in the third inning of its current cycle, marked by renewed optimism, easing regulation, and rising institutional participation. Ong links this momentum to friendlier oversight in the US and macroeconomic forces such as lower interest rates. He also notes emerging on-chain trends, including the rivalry between Solana and Base, and remains optimistic about crypto's trajectory despite volatility.

CoinGecko CEO Bobby Ong has indicated that Bitcoin is entering the third inning of its current cycle, characterized by renewed optimism, easing regulation, and rising institutional participation. Speaking with TheStreet, Ong suggested that Bitcoin's recovery from its 2022 lows signals a significant phase in the market cycle. He attributed this momentum to friendlier oversight in the United States and macroeconomic forces, such as lower interest rates.

Under the current administration, regulations have been easing rapidly, which Ong believes has contributed to Bitcoin's recovery. He mentioned that the U.S. Securities and Exchange Commission had previously clamped down on all crypto companies, but this has now shifted towards a more accommodating stance, according to a Yahoo Finance report.

Macroeconomic factors also play a crucial role. Ong noted that as interest rates get cut, it generally benefits the stock market and the crypto market as a whole. However, he cautioned against assuming that this time will break the familiar four-year cycle pattern.

Ong also highlighted emerging on-chain trends shaping market behavior. The rivalry between Solana and Base, built on Ethereum and backed by Coinbase, is gaining traction as users demand access to "on-chain tokens, not just the limited number of tokens on Coinbase." Ong explained that Base is gaining traction due to this demand, the Yahoo report said.

Despite volatility, Ong remains confident in crypto's trajectory. He noted that the sum of all crypto market cap today is just $4 trillion, which is the size of one stock, NVIDIA. He expects the next decade to be very exciting for crypto as tokenization spreads across industries and new assets come on-chain, the Yahoo piece added.

The debut of spot XRP exchange-traded funds (ETFs) has been a significant milestone in the evolution of digital assets. Despite a recent pullback, the ETF-driven momentum remains remarkable, with total assets under management across the three spot XRP ETFs exceeding $1.9 billion in less than a month since approval, according to an Investing.com analysis.

The simultaneous rollout of BlackRock’s iShares XRPI, Fidelity’s XRPR, and VanEck’s XRPL has brought XRP to Wall Street’s mainstream stage, signaling deepening institutional adoption, regulatory clarity, and global financial integration. Institutional participation accounts for over 60% of the total, led by pension funds, multi-strategy hedge funds, and family offices diversifying beyond Bitcoin and Ethereum, the Investing.com analysis noted.

Ripple's Chief Legal Officer Stuart Alderoty called the ETF approvals "the point of no return for XRP’s integration into the regulated financial system." Following Ripple’s 2024 SEC settlement, these ETFs mark the first non-Bitcoin, non-Ethereum spot products approved under full U.S. securities oversight, setting a regulatory precedent for other utility-based cryptocurrencies, the Investing.com analysis added.

JP Morgan expects total XRP ETF inflows to reach $3.5 billion within six months, potentially accounting for 7% of the global crypto ETF market. Cathie Wood’s ARK Invest highlighted XRP’s “unique combination of regulatory clarity and real-world usage” as a key factor positioning it as “the most credible institutional altcoin of 2025,” the Investing.com piece reported.

In summary, the crypto market is experiencing a renewed phase of optimism, driven by regulatory changes and macroeconomic factors. The introduction of XRP ETFs has further solidified institutional participation and regulatory clarity. As the market continues to evolve, it remains crucial for investors to stay informed about these trends and their potential impacts on the crypto landscape.