“We keep talking about the bull market that we just had, or the end of the bull market? And I don’t really think we’ve had a true bull market,” said Messari CEO Eric Turner at the Paris Blockchain Week held from 8-10th April 2025, as he discussed the possibility of an oncoming bull market.
“This is my thought on where we are in the market. And this might be a little controversial,” said Turner. “I think we’ve seen Bitcoin on one side with flows into ETFs, and then we’ve had little pockets – meme coins and things that have been interesting. But, you know, compared to where we were when we had DeFi summer in 2020, 2021, we really haven’t seen that external capital pouring in. We haven’t seen the level of interest from institutions and enterprises.”
“When I talk to other people in the industry, there’s so much excitement for what’s coming next. Across the board, not only US President Donald Trump himself, but the Securities and Exchange Commission (SEC) and all these regulatory industries are really embracing crypto.”
“We’re probably looking at a muted Q2, but I’m really excited for Q3 and Q4. And I think that’s where you start to see something really, really interesting happen in this market,” said Turner confidently.
Had a great time discussing what’s next for the industry at @ParisBlockWeek – tldr, bullish pic.twitter.com/fWiFxJO3Rl
— Eric Turner (@ericturnr) April 8, 2025
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Deputy Group CEO Sygnum Bank Agrees With Messari CEO, Says, “There is no one to be afraid of anymore”
Talking about recent regulatory changes that allow US banks to approach further for the crypto offerings, Thomas Eichenberger, CSO and deputy Group CEO of Sygnum Bank, said that he foresees fierce competition between US banks fighting for the crypto onboarding clients.
Agreeing with crypto service provider Messari CEO Eric Turner, Eichenberger said, “I think there will be a continued phase of of uncertainty, also until the regulatory framework in the US has been established clearly.”
“I think it’s a matter of fact that US banks are preparing to be able to offer crypto custody and crypto spot trading services anytime soon,” he added.
Eichenberger expects most of the US banks, if not all, to want to tap into crypto very clearly.
“I don’t expect only a shift from US banks wanting to to offer these services and enter this market, but also large international banks that are incorporated outside of the US but have a US business. I think some of them may have had their strategic plans in place to offer crypto-related services but have been afraid that at some point they will be gone after by any of the US regulatory authorities, so they held back. But now I think there is no one to be afraid of anymore, in terms of regulatory authorities worldwide. So I think many of the large international banks will launch this year,” explained Eichenberger.
RWA – A Real Hot Narrative And Trend Of 2025?
Eichenberger weighed in on Real World Tokenization. “If you really want to unlock the potential of what the RWA tokenization can bring, then we need additional things on top of the mere fact that this asset now exists as a secured token, or as a fractionalized token,” he said.
Talking about the need of the hour, Eichenberger said, “We need liquidity, we need transferability, we need to be able to use it as collateral in order to take leverage. Whether it has to be on decentralized platforms or fully automated, I’m not so sure. There needs to be more than just the fact that you can now basically prove ownership on the blockchain.”
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Key Takeaways
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Thomas Eichenberger, CSO and deputy Group CEO of Sygnum Bank, expects most of the US banks, if not all, to want to tap into crypto very clearly.
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On RWA Tokenization, Eichenberger thinks that, “We need liquidity, we need transferability, we need to be able to use it as collateral in order to take leverage.”
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