Grayscale has identified several factors that could shape the performance of crypto assets in the fourth quarter of 2025. Key influences include U.S. digital asset regulation, the expansion of exchange-traded products, and shifts in Federal Reserve monetary policy. The third quarter saw the crypto market's total capitalization rise to $3.91 trillion, with Bitcoin reaching $114,000. Grayscale also noted the potential impact of the CLARITY Act and new spot ETF approvals on investor access to cryptocurrencies.