The state of Bitcoin in Q3 2025
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Bitcoin has had an eventful summer. Between new record highs, a surprise correction and the rotation of capital towards gold and Ethereum ETFs, the third quarter of 2025 reveals a market that is still resilient, but has entered a phase of loss of momentum.

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Aleksandar Bukovski

Aleksandar Bukovski is Lead Analyst at The Big Whale, where he specializes in decentralized finance and crypto-assets. His published work at The Big Whale covers topics including stablecoins, tokenized finance, DeFi protocols, Bitcoin mining, and institutional adoption of digital assets. He also hosts the Market Call, a recurring market analysis format produced by The Big Whale.

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