Grayscale has issued a report warning of potential risks for the cryptocurrency market in Q4 2025, despite favorable macroeconomic conditions. The firm noted that the Federal Reserve's recent decision to resume rate cuts could enhance the appeal of non-yielding assets like Bitcoin by lowering opportunity costs and boosting risk appetite. However, Grayscale cautioned that economic slowdowns, geopolitical tensions, or unexpected Fed tightening could pose significant threats to the market. The report also highlighted regulatory developments as potential catalysts for investor interest. These include the introduction of staking in crypto ETPs, approvals for new altcoin-based ETPs, and the possible passage of a Senate market structure bill. Nonetheless, Grayscale warned that any setbacks in these areas could negatively impact valuations.