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This briefing provides a comprehensive overview of Ethereum in the first half of 2025, looking at total locked value (TVL), Layer 2 progress, activity on DeFi, developments in Ethereum ETFs, major updates to the protocol such as Pectra, and adoption by institutional players and regulators.
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Grégory Raymond
Grégory Raymond is Head of Research and co-founder of The Big Whale. A specialist at the intersection of traditional finance and digital assets, he has been covering the regulatory, institutional and technological developments of the sector since 2017 for an audience of decision-makers: banks, asset managers and fintechs. He is also the author of Bitcoin & Cryptos: L'enjeu du siècle (Talent Éditions, 2025), a book built around interviews with key figures from the ecosystem.
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