What Traders Should Watch Heading Into The Last Quarter Of 2025

The trading industry is evolving quickly in 2025. Retail-facing proprietary trading firms have opened doors for ambitious traders who want to access larger capital pools, while the cryptocurrency market appears to be gearing up for another potential bull run. These dynamics overlap in important ways: both rely on risk discipline, technological innovation, and the ability to capture momentum in fast-moving markets.

The Rise of Proprietary Trading Ecosystems

Proprietary trading is no longer a niche corner of finance. From legacy players like FTMO and Topstep to newer entrants such as NeomAAA, the sector is attracting a global wave of traders who want capital access without tying up their own savings.

This reflects a wider trend: prop firms are shifting from simple evaluation models into comprehensive trading ecosystems.

FTMO has become the benchmark in the space with its two-step "challenge" process and payouts that scale with consistency. Topstep, meanwhile, has carved out a strong niche in futures trading, offering exchange-traded contracts through its Trading Combine program. Other firms like The 5%ers, SurgeTrader, and Fidelcrest are experimenting with one-step challenges, instant funding options, or specialized asset coverage, making the market more competitive than ever.

Together, these players are shaping a multi-billion-dollar industry that is increasingly international and diverse in its offerings.

Key Market Trends in 2025

The backdrop for prop traders is a crypto market in transition. Institutional adoption is rising, decentralized finance (DeFi) is expanding, and new narratives – from AI-linked tokens to Layer-2 scaling solutions – are capturing attention.

• DeFi innovation: Platforms are rolling out structured lending, derivatives, and automated asset management, all without centralized intermediaries.
• Institutional adoption of crypto as treasury assets: More companies and funds are using digital assets to diversify balance sheets, often starting with Bitcoin and Ethereum but branching into stablecoins and DeFi exposure.
• Stablecoin growth: As enterprises seek less volatile options for payments, stablecoin adoption is expected to surge, reinforcing their role as the transactional backbone of crypto commerce.

Cryptocurrencies Best Positioned to Boom

While hundreds of tokens compete for attention, three projects stand out for 2025: Ethereum, Cardano, and Solana.

• Ethereum (ETH): With ongoing upgrades after the Ethereum 2.0 transition, Ethereum is strengthening its scalability and security while maintaining its dominance in DeFi and NFTs. Its thriving Layer-2 ecosystem could be a catalyst for wider adoption.
  
• Cardano (ADA): Known for its careful, research-driven development and energy-efficient proof-of-stake model, Cardano is attracting developers in regions focused on inclusive finance.
  
• Solana (SOL): Its high throughput and low transaction costs continue to make it attractive for DeFi protocols and Web3 gaming, especially as developers return after infrastructure improvements.
  

"Traders in 2025 are looking at more than just Bitcoin dominance," Diego Loyola, COO of NeomAAA states. "They want exposure to ecosystems that can handle volume, offer low fees, and have developer momentum. Ethereum, Cardano, and Solana fit that profile."

What a 2025 Bull Run Could Look Like

If past cycles are any guide, a new bull market would likely start with capital rotation into Bitcoin and Ethereum before spreading to altcoins. The ingredients are familiar: media attention and public FOMO (fear of missing out); speculative flows from new retail entrants; profit-taking volatility as prices lurch upward in waves.

"We expect rapid price increases driven by enthusiasm, but volatility will remain a constant," Loyola notes. "The traders who survive are those who can manage drawdowns and stick to disciplined plans, not those chasing every spike."

The Bottom Line

Proprietary trading firms and the crypto market are converging around a simple reality: capital is abundant for those who can prove skill and discipline. From established giants like FTMO and Topstep to fast-growing ecosystems like NeomAAA, the space is evolving rapidly. Meanwhile, Ethereum, Cardano, and Solana remain well-positioned to lead the next crypto bull run.

For traders, the final quarter of 2025 offers opportunity – but also risk. Whether through a prop firm or independent accounts, success will depend on combining disciplined strategies with a sharp focus on the narratives driving digital assets.

Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.