Content

MarketLandscape2

TotalMarketCap&SpotMarketOverview3

CryptoDominance4

CryptocurrencyPriceReturns5

Top20StablecoinsOverview6

CryptoMarketCap&Bitcoinvs.S&P5007

ThisQuarter’sTrendingCategories8

NotableEvents9

CryptoTreasuries10

CryptoIPOs12

Bitcoin13

BitcoinPrice&TradingVolume14

BitcoinMiningHashRate15

Bitcoinvs.MajorAssetClassesPriceReturns16

USSpotBitcoinETFsDailyNetFlows17

InfluenceofPresidentTrumponBitcoinRedux18

?:-',,Research

2025Q2CryptoIndustryReport

?2025CoinGecko

Ethereum20

EthereumPrice&TradingVolume21

TransactionCountofBroaderEVMEcosystem22

USSpotEthereumETFsDailyNetFlows23

Solana25

SolanaPrice&TradingVolume26

ImpendingETFApprovals27

DeFi28

DeFiOverview29

MultchainDeFiTVLMarketShare30

DeFiEcosystemOverview31

Cross-ChainBridgeLiquidity32

ShaunLee

MarketAnalyst

Zhong

HeadofResearch

NFTs

NFTTradingVolumeacrossTop12ChainsNFTMarketplacesTradingVolume

NFTLending

Exchanges

Top10CEXesTradingVolume

Top10DEXesTradingVolume

DEXesTradingVolumeBreakdownbyChainTop10PerpCEXesTradingVolume

Top10PerpCEXesOpenInterest

Top10PerpDEXesTradingVolumeTop10PerpDEXesOpenInterest

WinWin

MarketAnalyst

WengDee

MarketAnalyst

34

35

36

37

38

39

40

41

42

43

44

45

1

Market

Landscape

2025Q2CryptoIndustryReport?2025CoinGecko

2025Q2CryptoIndustryReportSource:CoinGecko

?2025CoinGecko3

TotalMarketCap&SpotMarketOverview

MarketCapTradingVolume

Totalmarketcapreboundedby+$663.6B

(+24.0%)toend2025Q2at$3.5T,reversinglossesfromQ1amidrenewedoptimism

Totalcryptomarketcaprecovered+$663.6BinQ2,rising

+24.0%toendthequarterat$3.5T.Thisfollowsan-18.6%

drawdowninQ1–markingafullreversaloflossesandbringingmarketsbacknearYTDhighs.

Averagedailytradingvolumedeclinedfurtherto$107.8B,down-26.2%QoQ.Thiswasthesecondconsecutivequarterof

shrinkingspotactivity,despitethemarketrebound.

AmongtheTop30cryptos,HYPEsurgedfrom#27to#11,andBCHclimbedfrom#23to#12.Ontheflipside,TONdropped

from#11to#19andDOTslippedfrom#21to#28.AAVEand

PEPErejoinedtheTop30at#29and#30,replacingPIandOM.

TotalVolumeTradedTotalMarketCap

$4.5T

$500B

$4.0T

$450B

$3.5400B

$3.5T

$3.4T

$2.8T

$350B

$3.0T

$300B

$2.5T

$250B

$2.0T

$200B

$1.5T

$150B

$1.0T

$100B

$0.5T

$50B

$0.0T

$0B

Jan-25Feb-25Mar-25Apr-25May-25Jun-25

?2025CoinGecko4

CryptoDominance

Bitcoindominanceroseanother

continuingtopushtonewhighs

3.0p.p.to62.1%inQ2,

notseensincelate-2020

MarketShare

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Jan-25Feb-25Mar-25Apr-25May-25Jun-25

BTCETHUSDTXRPBNBSOLUSDCOthers

62.1%

+3.0p.p.

3.9%

-0.5p.p.

1.8%

-0.4p.p.

Others

8.8%

+0.8p.p.

2.8%

-0.4p.p.

13.7%

-2.0p.p.

4.6%

-0.6p.p.

2.4%

-0.1p.p.

BitcoindominancerosefurtherinQ2tolevelsnotseensincelate2020,

reaching62.1%ascapitalflowscontinuedtofavorBTCoveraltcoins.Thismarksa7.6p.p.increaseyear-to-date,reflectingBitcoin’sgrowingshareofthecryptomarketinbothmarketdownturnsandrebounds.

ETHinchedup+0.8p.p.to8.8%,recoveringslightlyfromQ1’smulti-yearlows.Bothstablecoinsandlargecapcryptossawmarginaldecreasesinmarket

shareorremainedrelativelyflat.

The‘Others’categoryshrankby-2.0p.p.to13.7%,highlightingcontinuedweaknessacrossthealtcoinlandscape.

2025Q2CryptoIndustryReportSource:CoinGecko

CryptocurrencyPriceReturns

Mostcryptosectorssawastrongreboundin2025Q2,withHYPE(+204.7%),AAVE(+72.3%)andFARTCOIN

(+151.7%)significantlyoutperformingBTC(+29.8%)

Q22025sawasignificantreboundacrossmostcryptosectors,contrastingsharplywiththepreviousquarter'sdeclines.

AlltokenswithintheTop5cryptospostedpositivegains.ETHrecordedthehighestincreaseat+36.4%,followedbyBTCat+29.8%,andSOLat+24.1%.BNBalsosawagainof+8.5%,whileXRPcontinueditspositivetrajectory,rising+7.1%forthequarter.

TheTop5DeFitokensreboundedorstayedflatin2025Q2.HYPEexhibiteda

substantialincreaseof+204.7%astractionforHyperliquid’sperpetualDEX

continuedtoclimb,despitethecontroversyoftheJELLYtokendelistinglastquarter.AAVEalsoperformedstronglywith+72.3%,outstrippingBTC’sgains.

Conversely,LINKandONDObothregisteredminordeclinesof-1.0%and-1.2%respectively.

TheTop5MemeTokensshowedamixedperformancethisquarter.FARTCOINledwithanimpressive+151.7%gain,andPEPEclimbed+35.1%.DOGEstayedrelativelyflatwithadeclineof0.9%,whileSHIBandTRUMPfell-7.8%,and-11.4%respectively.

ForArtificialIntelligencetokens,thequarterpresentedvariedresults,withonlyTAO(+49.6%)andFET(+49.0%)inthegreen.TAO’srallycoincidedwiththemarket

recovery,aswellasreportsthatNasdaq-listedcompaniesSynaptogenixandOblongwouldaddTAOtotheircorporatetreasuries.Similarly,FETbenefitedwhenNasdaq-listedfitnesscompanyInteractiveStrengthannouncedplanstoaccumulatethe

2025Q2CryptoIndustryReport

Source:CoinGeckotoken.

5

?2025CoinGecko

2025Q2CryptoIndustryReportSource:CoinGecko

?2025CoinGeckoNote:*DatabeginsfromApril236

Top20StablecoinsOverview

Stablecoinmarketcaprose+$17.1B(+7.5%)inQ2tohitafreshall-timehighof$243.1B,ledbycontinuedgrowthfromUSDTandthe

emergenceofUSD1amongtheTop5

Thestablecoinsectoradded+$17.1BinQ2,bringingmarketcapofTop20stablecoinsto$243.1B,anewall-timehigh.Growthremainedtop-heavy,withUSDTcontributingthebulkofgains(+$13.8B),followedbyUSDC(+$1.4B).

NewentrantUSD1(byTrump-linkedWorldLibertyFinancial)climbedrapidlytothe#5spotwith+$2.2Binmarketcap

growth,overtakingFDUSD.MeanwhiledespiteUSDS

experiencinga-9.8%decline,itstillretainedits#3position.

OutsidetheTop5,Ethena’sUSDtbwhichlaunchedinQ2,

endedthequarterat#7witha$1.5Bmarketcap.Ontheflip

side,FDUSDsawthelargestlossat-$1.1B(-43.2%),followedbyUSD0(-$0.3B,-33%).

USDT:65%

USDC:25%

USDS:3%

USDe:2%

FDUSD:1%

Others:3%

USDT:64%

USDC:27%

USDS:4%

USDe:2%

MarketCap

USD1:1%

Others:4%

$243.1B

$260B

$226.1B

$240B

$220B

$200B

$180B

$160B

$140B

$120B

$100B

$80B

$60B

$40B

$20B

$0B

Jan-25Feb-25Mar-25Apr-25May-25Jun-25

USDTUSDCUSDSUSDEUSD1Others

$157.7B

+$13.8B

$61.5B

+$1.4B

$7.2B

-$0.8B

$5.3B

+$40.7M

$2.2B

+$2.2B*

CryptoMarketCap&Bitcoinvs.S&P500

Crypto’scorrelationwithUSequitymarketsstrengthenedinQ2,asbothmarketswerebuffetedbybroader

macroeconomicandgeopoliticalevents

S&P500

S&P

500

MarketCap

TotalMarketCap

BitcoinMarketCap

$4.5T6400

6200

$4.0T

$3.5T

6000

$3.0T

5800

$2.5T

5600

$2.0T

5400

$1.5T

5200

$1.0T

5000

$0.5T

4800

$0.0T

Jan-25Feb-25Mar-25Apr-25May-25Jun-25

Source:CoinGecko

2025Q2CryptoIndustryReport

?2025CoinGecko

DespiteBitcoinoutperformingthe

overallcryptomarket,itscorrelation

withtotalcryptomarketcapincreasedto0.99inQ2(upfrom0.97inQ1)astheyweredirectionallysimilaramidstabroadmarketrecovery.

ItscorrelationwiththeS&P500alsoroseto0.90,upfrom0.85inQ1.

CorrelationbetweentotalcryptoandtheS&P500alsoincreasedto0.88,reflectingtighteralignmentbetweenassetclassesduringtherebound.

Annualizedvolatilityfortotalcrypto

marketcapeasedto44.6%inQ2(downfrom56.3%),whileBitcoin’sdroppedto42.1%.

TheS&P500,meanwhile,sawanotableriseinvolatilityto30.7%,nearly

doublingfrom16.5%inQ1;likelydrivenbytariffpolicyswings,sharprecoveriesintheMagnificent7,andgeopolitical

risks.

7

ThisQuarter’s

TrendingCategories

MemeCoinsandAIwerethemaincryptonarrativesin

2025Q2,accountingfor57.1%ofinvestorinterest;DonaldTrump’sWorldLibertyFinancialPortfoliosawasharpriseininterest

AIMemeCoinsWorldLibertyFinancialPortfolio

BaseMemeCoinsGaming

SuiMemeCoins SmartContracts MadeinUSA VirtualsEcosystemEthereumEcosystem BaseEcosystemDeFi

Stablecoins

Layer1

AIAgentsSuiEcosystem

SolanaEcosystemSolanaMemeCoins RealWorldAssetsArtificialIntelligenceMemeCoins

2025Q2CryptoIndustryReport

?2025CoinGecko

18.0%

11.5%

7.1%

6.8%

5.5%

4.4%

3.9%

3.8%

3.5%

3.4%

2.9%

2.7%

2.7%

2.7%

2.4%2.2%

2.2%2.2%

1.9%

1.8%

Source:CoinGecko

Ofthetop20cryptonarrativesof2025Q2,fivewerememecategories,while

threewereAI-related.

Themostpopularcryptonarrativesin2025Q2wererelatedtoMemes,which

capturedacombinedtotalof34.5%ofglobalinvestorinterest.ItmanagedtoovertaketheAIcoinnarrative,whichsettledforsecondwitha22.6%share.

Notably,theWorldLibertyFinancial

Portfolioheldashareof11.5%,makingitthesecondmostpopularcategory.InQ1,ithelda2.4%shareofinterest.ThisrisecoincidedwithplansfortheWLFItokentobemadetransferrableandtheriseofitsUSD1stablecoin.

4outofthe257blockchainecosystems,i.e.Ethereum,Base,Sui,andSolana,

madeitintothetop20cryptonarrativesinQ2.Ethereumwasthemostpopular

blockchain,whileSolanadroppedtothefourthafterdominatingin2024.

8

NotableEvents

Apr28102123May1678

FDUSDdepegged

Rippleacquires

TheSECdismissed

PaulAtkinsSworn

Tether,Bitfinexand

BinanceAlpha

BhutanAdopts

EthereumPectra

FormerCelsius

temporarilyafter

primebroker

caseagainstNova

inasSECChairman

SoftbankGroup

PointsEvent

BinancePayto

upgradeactivated

CEOAlex

accusationsof

HiddenRoadfor

Labs,markingthe

launchesbitcoin

launched

BoostTourism

Mashinsky

insolvency

$1.25B

lastenforcementactioninitiatedunderGary

Gensler’stenure

treasurycompanyTwentyOne

sentencedto12Yearsinprison

912131926272829Jun5

Lidointroduces

Coinbasebecomes

CryptoPunkssold

Solanadevelopers

Dubaiunveilsreal-

Cobie’sICO

Pakistan

JamesWynn

CircleIPOdebuts

DualGovernance

firstcryptofirmto

byYugaLabsto

announcednew

estatetokenization

PlatformSonar

announced

liquidatedona

onNYSE

model

jointheS&P500

non-profitNODEFoundation

consensusprotocol–Alpenglow

platformonXRPLedger

launched

StrategicBitcoinReserve

$100Mposition

Jun61012151718242530

Polymarket

Stablecoinnetwork

Shopifyannounced

Bybitlaunched

USSenatepassed

JPMorganChase

Mastercardpartner

CantonNetwork

BackedFinance

announcedasX’s

Plasmaraised

rolloutofUSDC

hybridDEXByreal

GENIUSAct

pilotdeposittoken

withChainlinkto

rasied$135M

launchedtokenized

officialprediction

$500MforitsXPL

stablecoin

JPMDonBase

allowusersto

xStocks

marketpartner

tokensaleinunder5minutes

payments

purchasecryptodirectlyonchain

2025Q2CryptoIndustryReport

?2025CoinGecko

9

CryptoTreasuries

(1/2):BTC

Bitcoinisbecomingatreasuryassetforpubliclylistedcompanies,with859KBTCalreadyaccumulatedasagrowingnumberofPLCsjumpin

Strategy

MarathonDigital

TwentyOne

Riot

Platforms

GalaxyDigital

Metaplanet

Hut8

ProCap

Cleanspark

Block

Semler

Scientific

Coinbase

Gamestop

Tesla

NEXT

Technology

Cango

Source:

2025Q2CryptoIndustryReport

?2025CoinGecko

Bitcoinisslowlybecominganoptionasatreasuryassetforpubliclylistedcompanies,havingbeenpopularizedbyMichaelSaylor’s

Strategy.AsofJuly15,859,879BTCwasheldbypubliclylistedcompanies.

StrategyhasaccumulatedthelargestBTCtreasury,with601,550BTC.Itholds70.0%ofallBTCheldbypubliclylistedcompanies.

NewcomershavealsobegunallocatingcapitaltowardsBTC.TwentyOne,backedbyTether,Bitfinex,CantorFitzgerald,andSoftBank,hasalreadyaccumulated37,230BTC,despiteonlylaunchinginMay.

Withinashortfewmonths,ithasbecomethethirdlargestholderofBTCamongpublictradedcompanies.Meanwhile,ProCapFinancialledbypopularBitcoin-advocateAnthonyPomplianoraised$750

millionandbought4,932BTC.Bothcompaniesseektogopublicthroughspecialpurposeacquisitioncompanies(SPACs).

ThisphenomenahasalsospreadtocapitalmarketsoutsideoftheUS,thankstothepricepremiumthatisbeingplacedonstockssuchas

$MSTRthatsurpassesthevalueoftheirBTCtreasury.ThemostnotableofthesecompaniesareMetaplanet(Japan),nowthePLCwiththefifthlargestBTCtreasury.

WhilesmallercompanieshaveembracedBTCasareserveasset,

corporationsintheMag7suchasMeta,Amazon,andMicrosofthaveoverwhelminglyrejectedproposalstoestablishBTCreserves.

10

2025Q2CryptoIndustryReportSource:CoinGecko

?2025CoinGecko11

CryptoTreasuries(2/2):Altcoins

WhilecorporatebuyingofBTCcontinues,somecompanieshavechosentoaccumulatealtcoinsfortheirtreasuries

instead,resultinginPLCvehiclesforalts

ETH

SharpLinkBitDigitalBitMineBTCS

WhileBTCremainsthemostpopularassetforPLCslookingto

establishacryptotreasury,therehasbeenawaveofnewcomerswhohavestartedbuildingtreasuriesaroundaltcoinssuchasETH,XRP,

Gaming

SOL,HYPE,TRX,TAO,andSUI.

XRP

TridentDigital

Webus

International

Vivopower

WellgisticsHealth

ThelargestofthesecompaniesisSharpLinkGaming,whichhasbeenactivelyaccumulatingETHsinceMay,withatotalof~270KETH

purchasedasofJuly14.ThismakesitthesecondlargestcorporateholderofETH,behindtheETHFoundation.

SOL

DeFi

DevelopmentCorp

BNB

NanoLabs

InvestmentfirmsareacquiringdistressedpennystocksandSPACs,rebrandingthemascryptotreasuryvehicles.Thesetakeovershavefrequentlyledtosignificantstockpricesurges(andplunges).

Upexi

SOL

Strategies

Howeveringeneralthemarketisstillascribingacertainpremiumonthesecompanies,indirectlydrivingthedevelopmentofsuch

companies.

HYPE

Hyperion

TRX

Entertainment

TAO

Synergies

Thesecompaniesfundtheircryptopurchasesbyraisingcapitalthrough:

SRM

TAO

?Privateplacementsofsharestoinstitutionalinvestors,andqualifiedbuyers

?Convertiblenotesthatcanbeexchangedforequity,atapredetermineddiscountortrigger

2025Q2CryptoIndustryReportSource:MarketWatch

?2025CoinGecko12

CryptoIPOs

Inadditiontocryptotreasurycompaniesseekingtoraisefundsfromthepublicmarket,certaincryptocompaniesarealsoeyeingIPOs,withCRCL’stremendoussuccessraisingexpectations

CircleInternetGroup(CRCL)’sDailyClosingSharePricesinceIPO(June5–June30,2025)

VolumeDailyLastPrice

$250

$263.45

$200

$181.29

$150

$100

$83.23

$50

$0

05-Jun07-Jun09-Jun11-Jun13-Jun15-Jun17-Jun19-Jun21-Jun23-Jun25-Jun27-Jun29-Jun

$200M

$180M

$160M

$140M

$120M

$100M

$80M

$60M

$40M

$20M

$0M

Whilenotthefirst,Circle’sNYSEIPOsetoffsignificantexcitementoncrypto

companiesseekingtoIPOintheUS.

Therewereinitialworriesoverits

valuation,theIPOwasamajorsuccess,being>25xoversubscribed.

Thestock’spost-IPOpriceactionwasmeteoric.Pricedat$31perstockatIPO,itclosedthefirstdayat$83.23after

morethantriplingintradayandhave

sincereachedanATHof$298.99on

June23,an+864.5%increasefromtheIPOprice.

Circle’stremendousIPOsuccesshave

raisedexpectationsforothercompaniesrumoredtoIPO:

Bitcoin

BTC

2025Q2CryptoIndustryReport?2025CoinGecko

2025Q2CryptoIndustryReportSource:CoinGecko

?2025CoinGecko14

BitcoinPrice&TradingVolume

BTCrebounded+29.8%inQ2,recoveringsharplyfromearly-quarterlowsbefore

consolidatingnearATHlevels

AfterasharpplungeatthestartofthequarterduetoTrump’sreciprocaltariffs,BTCbottomedoutat$76,329onApril9

beforestagingastrongrecoverythroughMay.IthitanewATHof$111,560onMay23,supportedbyimprovingmarket

sentimentandcapitalrotationbackintoBTCandETH,whichbothledthemarketrecoverythisquarter.

However,momentumbegantofadeheadingintoJune,with

BTClargelytradingsidewaystoendQ2at$107,133,markinga+29.8%gain.

Averagedailytradingvolume,however,declinedfurtherto$32.0B,down-30.8%QoQ,continuingthebroadertrendofsubduedspotactivitydespiterisingprices.

BTCPriceTradingVolume

Price

Volume

ATH

$350B

$120,000

$111,560

$107,133

$300B

$100,000

$250B

$80,000

$82,514

$200B

$60,000

$150B

$40,000

$100B

$20,000

$50B

$0B

$0

Jan-25Feb-25Mar-25Apr-25May-25Jun-25

2025Q2CryptoIndustryReportSource:B

?2025CoinGecko15

BitcoinMiningHashrate

Bitcoinmininghashratecrosses1Zettahashforthefirsttime,asinfrastructureexpansioncontinuesinQ2

Bitcoinmininghashrateclimbed+10.4%QoQinQ2,continuingitsupwardtrajectory.Thenetworksurpassedthe1Zettahash(1billionTH/s)milestoneinearlyApril.

Arare-7.5%difficultyadjustmentoccurredonJune29—thesharpestdropsinceChina’s2021miningban—drivenbyTexasminerscurbingactivityamidstsummerheatwaves.

Theminingindustrycontinuestoseeawaveofdevelopments:

?Tetherannouncedplanstoopen-sourceitsBitcoinMiningOSandpartneredwithOceanminingpooltosupportmore

decentralizedblockbuilding

?BitmainunveiledtheAntminerS23,itsmostefficientASICtodate

?AmericanBitcoin(EricTrump-backed)raised$220Mtoexpandminingoperations

?Pakistanredirected2GWofstategridelectricitytosupportBitcoinminingandAIcomputeinfrastructure

?Bitmain,MicroBT,andCanaan—thethreelargestrig

manufacturers—beganrelocatingproductionandsupplychainstotheU.S.toavoidtariffsandpotentialtraderestrictions

Hashrate(TH/s)

1200M

ATH

1067MTH/s

1000M

800M

843M

600M

TH/s

763M

TH/s

400M

200M

0M

Jan-25Feb-25Mar-25Apr-25May-25Jun-25

?2025CoinGecko16

RiskassetssurgedinQ2,withBTC(+29.8%)andthe

NASDAQ(+16.7%)leadingtherecovery,thoughGoldstillperformedstrongly(+5.4%)amidmarketuncertaintyandtheUSdollarcontinuingitsdecline

Bitcoinvs.MajorAsset

ClassesPriceReturns

PriceReturn

40.0%

30.0%

20.0%

10.0%

0.0%

MarketsreboundedinQ2assentimentturnedrisk-on,with

Bitcoin(+29.8%),NASDAQ(+16.7%),andtheS&P500(+10.2%)postingstronggains.BTCreachedanewATH,whilegrowth

stocksralliedonimprovingearningsandrenewedAIoptimism.

Goldrose+5.4%,buildingonits+18.0%gainfromQ1and

continuedtoattractcapitalamidstlingeringgeopoliticalandmacrouncertainty.

Meanwhile,bothDXY(-7.1%)andTLT(-3.5%)declined,suggestingwaningconfidenceinU.S.fiscalandtradepolicy.TheUSdollar’sweaknessbenefitedothermajorcurrencies,withEUR(+8.6%)

andGBP(+6.2%)seeingstronggains.

Crudeoilfell-8.7%,extendingitsQ1losses.ThiswaslikelydrivenbyweakerdemandfromChinaandIndiaalongsiderisingOPEC+output,whichoutweighedtheMiddleEastriskpremium.

-10.0%

-20.0%

-30