The cryptocurrency market stumbled in early 2025, marking a sharp contrast to the euphoric highs of late 2024. Total crypto market capitalization fell -18.6% in Q1 to close at $2.8 trillion, after briefly touching $3.8 trillion on January 18 — just ahead of Donald Trump’s inauguration. The decline was accompanied by a drop in investor activity, with average daily trading volumes plunging -27.3% quarter-on-quarter to $146.0 billion. Amidst the slump in the market, Bitcoin strengthened its dominance, ending Q1 at 59.1%—a level not seen since early 2021—as altcoins bore the brunt of the downturn. While BTC hit a fresh all-time high of $106,182 in January, it retreated to $82,514 by quarter-end, registering a -11.8% decline. Our comprehensive 2025 Q1 Crypto Industry Report covers everything from the crypto market landscape to analyzing Bitcoin and Ethereum, deep diving into the decentralized finance (DeFi) and non-fungible token (NFT) ecosystems, and reviewing how centralized exchanges (CEX) and decentralized exchanges (DEX) have performed. We’ve summarized the key highlights, but be sure to dig into the full 50 slides below.

4. $0B
$100B
$200B
$300B
$400B
$500B
$600B
$0.0T
$0.5T
$1.0T
$1.5T
$2.0T
$2.5T
$3.0T
$3.5T
$4.0T
$4.5T
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Total Volume Traded Total Market Cap
MarketCap Trading Volume

5. 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
BTC ETH USDT XRP BNB SOL USDC Others
Market
Share

7. $0B
$50B
$100B
$150B
$200B
$250B
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
USDT USDC USDS USDE FDUSD Others
Market Cap

8. 5200
5300
5400
5500
5600
5700
5800
5900
6000
6100
6200
$0.0T
$0.5T
$1.0T
$1.5T
$2.0T
$2.5T
$3.0T
$3.5T
$4.0T
$4.5T
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Bitcoin Market Cap Total Market Cap S&P 500
MarketCap S&P500

9. 1.5%
1.6%
1.7%
1.8%
1.8%
2.0%
2.1%
2.2%
2.2%
2.3%
2.4%
2.9%
3.0%
5.0%
5.3%
6.0%
6.0%
9.5%
10.1%
14.4%
16.5%
AI Framework
Base Meme Coins
DeSci
Sui Ecosystem
AI Agent Launchpad
Smart Contract Platforms
Base Ecosystem
DeFi
Ethereum Ecosystem
Virtuals Ecosystem
World Liberty Financial Portfolio
AI Meme Coins
Layer 1
DeFAI
Solana Ecosystem
Real World Assets
Solana Meme Coins
Made in USA
AI Agents
Artificial Intelligence
Meme Coins

12. $0B
$50B
$100B
$150B
$200B
$250B
$300B
$350B
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Volume Price
BTCPrice Trading Volume

13. •
•
•
•
Hashrate (TH/s)
400M
500M
600M
700M
800M
900M
1000M
1100M
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25

14. -20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
Jan-25 Feb-25 Mar-25
BTC NASDAQ CRUDE OIL GOLD TLT DXY JPY EUR
2025 Q1 Return 2024 Q4 Return
BTC -12% 48%
S&P 500 -4% 3%
NASDAQ -10% 8%
CRUDE OIL -2% 3%
GOLD 18% -2%
TLT (Treasury Bonds) 4% -11%
DXY (US Dollar Index) -5% 7%
JPY 5% -8%
EUR 5% -6%
GBP 3% -4%
CNY 1% -5%
PriceReturn

15. -$1,500M
-$1,000M
-$500M
$0M
$500M
$1,000M
$1,500M
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
IBIT FBTC BITB ARKB BTCO EZBC
BRRR HODL BTCW GBTC BTC Total Net Flows

16. $70,000
$75,000
$80,000
$85,000
$90,000
$95,000
$100,000
$105,000
$110,000
1-Jan 8-Jan 15-Jan 22-Jan 29-Jan 5-Feb 12-Feb 19-Feb 26-Feb 5-Mar 12-Mar 19-Mar 26-Mar 2-Apr 9-Apr

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19. $0B
$20B
$40B
$60B
$80B
$100B
$120B
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Volume Price
ETH Price Trading
Volume

20. 0
1,000
2,000
3,000
4,000
5,000
6,000
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Burned Emissions

21. 0.0M
5.0M
10.0M
15.0M
20.0M
25.0M
30.0M
35.0M
40.0M
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Base Tron BSC Polygon Taiko Arbitrum Bera Optimism Sonic Blast Abstract Avalanche Mantle Unichain
Transaction
Count

22. -$200M
-$100M
$0M
$100M
$200M
$300M
$400M
$500M
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
ETHA FETH ETHW CETH ETHV QETH EZET ETHE ETH Total Net Flows

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26. $0B
$5B
$10B
$15B
$20B
$25B
$30B
$0
$50
$100
$150
$200
$250
$300
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Volume Price
SOL Price Trading
Volume

27. 0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
1.80%
2.00%
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Deployed tokens % of Tokens Graduated
No. of
Tokens
% of
Tokens

29. 2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
$0B
$20B
$40B
$60B
$80B
$100B
$120B
$140B
$160B
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Total DeFi Market Cap DeFi Share of Market (DeFi/Global Market Cap)
Market Cap
% of
Market

30. $0B
$30B
$60B
$90B
$120B
$150B
$180B
$210B
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Ethereum Solana BSC Bitcoin Berachain Tron Base Arbitrum Sui Avalanche Others
TVL

31. Farm
$1.51B
Derivatives
$3.31B

33. 2

35. $101M
$212M $200M
$153M
$116M
$547M
$128M
$236M
$888M
$534M
$338M
$132M
$52M
$59M
$85M
$0.0B
$0.2B
$0.4B
$0.6B
$0.8B
$1.0B
$1.2B
$1.4B
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Bitcoin Ethereum Mythos Immutable Solana BNB Chain Base Flow Blast Ronin Polygon Arbitrum
Trading
Volume

36. $56M $57M $72M $67M $57M
$476M
$40M $67M
$250M
$138M $189M
$60M
$91M
$72M
$54M
$54M
$56M
$70M
$113M
$592M
$361M
$134M
$49M
$0M
$200M
$400M
$600M
$800M
$1000M
$1200M
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Magic Eden OpenSea OKX Blur CryptoPunks Fantasy Tensor SuperRare X2Y2† MOOAR
Trading
Volume

37. $54M
$95M
$310M
$286M
$80M
$38M
$0M
$50M
$100M
$150M
$200M
$250M
$300M
$350M
$400M
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Blend NFTfi Arcade X2Y2 Zharta BendDAO Nirvana (prev. Parallel.fi)
)
25.8%
19.1%
16.9%
12.6%
7.9%
5.6%
5.3%
Bored Ape Yacht Club
Pudgy Penguins
Azuki
Mutant Ape Yacht Club
DeGods
Milady
Wrapped Cryptopunks
Lil Pudgys
Redacted Remilio Babies
Doodles
Others

39. Market
Share
40% 39%
35% 36% 37%
41%
14%
11%
11%
12% 11%
7%
12%
9%
9%
10% 10%
6%
6%
7%
7%
7% 7%
7%
4%
9%
10%
8% 6%
6%
5% 6%
7%
6%
7%
7%
6% 7%
6%
6%
6%
7%
5%
5%
6%
5% 7%
7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Binance Crypto.com Bybit Coinbase Upbit Gate.io OKX MEXC Bitget HTX

40. 35% 36% 38%
26%
34%
38%
10% 9%
9%
5%
12%
12%
13% 11%
13%
9%
9%
9%
12%
10%
9%
14%
10%
9%
17% 22% 16%
26%
14% 9%
14%
10%
8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Uniswap PancakeSwap Aerodrome Orca Raydium Meteora Curve Maverick THORSwap Sunswap
Market
Share

41. 27% 24% 24%
19%
26%
30%
31% 34%
29%
52%
32% 23%
15% 14%
19%
13%
13%
13%
10% 11% 11%
7%
9%
11%
9% 7% 7%
4%
10%
10%
3%
3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Ethereum Solana Base Arbitrum BSC THORChain Tron Sui Avalanche Sonic Bera Optimism Polygon
Market
Share

42. Market
Share
36% 36% 34% 33% 31% 33%
16% 15%
14%
14%
13%
15%
6%
9%
11% 12% 16%
13%
15%
15%
14% 13% 12% 12%
14%
14%
12% 12% 11% 12%
5% 6%
5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Binance OKX MEXC Bybit Bitget Gate.io Coinbase International Crypto.com BingX HTX

43. $0B
$20B
$40B
$60B
$80B
$100B
$120B
$140B
$160B
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25
Binance Bybit Bitget Gate.io OKX MEXC HTX BingX Crypto.com Coinbase International
Open
Interest

44. 35% 37%
57%
64%
71% 73%
16%
18%
11%
11%
7% 5%
6%
7%
7%
5%
5%
13%
12%
9%
5%
11%
10%
6%
5%
5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Hyperliquid Jupiter ApeX SynFutures GMX dYdX Vertex APX Finance Drift Protocol Paradex
Market
Share

45. $0B
$1B
$2B
$3B
$4B
$5B
$6B
$7B
$8B
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25
Hyperliquid Jupiter dYdX GMX Drift Protocol ApeX Vertex APX Finance SynFutures Paradex
Open
Interest

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