Comment of Javier García de la Torre, director of Binance for Spain and Portugalon the current moment of the crypto market and the escalation of the price of Bitcoin:
The current rally of Bitcoin and of the crypto market in general responds to a combination of cyclical and structural factors. On the one hand, it's about a natural recovery after the last bearish marketwhich historically gives way to new expansion phases. The macroeconomic environment is favoring this trend: EXpectatives of interest rates in the US. They have reactivated the appetite for risk assets, while economic uncertainty and geopolitical tensions stimulate interest in assets that serve as a value reserve, where Bitcoin continues to position itself.
The Bitcoin ETFs approval in cash 18 months marked a turning pointwhich laid the basis for the institutional adoption that we are seeing today, channeling institutional capital towards the ecosystem and further legitimizing the sector against traditional investors. To this is added a clearer regulation in key markets – with a more favorable United States towards cryptocurrencies, with measures such as Genius Act – or in Europe, with The implementation of the Mica Lawwhich seeks to harmonize crypto regulation.
Bitcoin It continues to consolidate as a reserve of digital value. In 2024, and in what we had of 2025, it has been the asset with the best performance with a increase of more than 120% since 2024, surpassing Nasdaq and S&P 500. This strong performance reinforces its narrative as “digital gold” in a global context marked by macroeconomic uncertainty. It is no accident that large companies such as Microstrategy continue to incorporate BTC in their balances or that giants such as Blackrock recommend a strategic exhibition to this asset. Bitcoin is already positioned as the sixth active with the greatest capitalization of the world, ahead of companies such as Google, goal or even silver.
The interesting thing about this new bullish climbing is that it already goes beyond Bitcoin. Ethereum, for example, is gaining traction thanks to its structural role in the ecosystem of intelligent contracts, decentralized finance (defi) and web3 applications. Its technological infrastructure remains key to the development of decentralized solutions with real cases, which gives it a sustained value over time.
Unlike previous cycles, this rebound relies on more robust foundations: institutional adoption, real utility of the projects and a clearer regulatory environment. Although it is inevitable that the market experiences moments of volatility, the level of current development suggests a more resilient scenario, where growth no longer depends solely on speculative enthusiasm, but on an increasingly solid base.
How long will the climb last?
The sustainability of this rally will depend on factors such as macroeconomic evolution, risk appetite and, above all, the real utility of projects. In that sense, we may see more consolidation: not all assets will rise the same, and the market will differentiate real value against noise.
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