This quarter’s ‘State of Crypto Report’ has been made potential by means of the help of KCEX trade. Their dedication to fostering understanding within the crypto house aligns with our mission at 99Bitcoins, and we’re grateful for his or her partnership.
The crypto market was one of many strongest-performing markets within the second quarter. On this ‘Q2 2025 Crypto Market Report,’ we discovered most U.S. fairness indices stayed under 15% in quarter-to-date (QTD) positive aspects, solely the S&P 500 Info Expertise sector stood out with an 18.4% rise; the broader S&P 500 gained simply 7.37%. In distinction, the crypto market outperformed all of them with a robust 21.72% return.
This marks a strong restoration for crypto after a tricky Q1, throughout which the market dropped by 18%. If we zoom out available on the market cap chart, we discover that the crypto trade did higher this time than within the second quarters of earlier years. For example, it had fallen 14.44% in Q2 2024 and a steep 53.78% in Q2 2021. Nevertheless, regardless of the spectacular rebound, the full crypto market cap in Q2 2025 was nonetheless about 12.40% under its all-time excessive of $3.71 trillion.
99Bitcoins discovered that buyers’ curiosity in crypto picked up in Q2. In April, blockchain-related mentions in SEC filings hit a document excessive of 5,830, probably because of the Trump administration’s pro-crypto strategy. Might stayed robust with 5,590 mentions, however by June, the quantity dropped to round 2,150.
The spike in April reveals that many firms had been getting extra concerned in blockchain, presumably launching new crypto merchandise or forming partnerships. Some might also have added extra threat warnings to their merchandise as a result of investor exercise was rising. General, Q2 appeared to be a time when firms had been on the point of profit from anticipated help from the federal government.
Crypto Market Traits Q2 2025: Abstract
The second quarter, similar to the primary, was dominated by geopolitical tensions, financial slowdown, recession fears, elevated cash provide and greed. However what actually stood out was the sharp rise in curiosity from institutional buyers.
In contrast to previous bull markets, retail buyers confirmed much less curiosity in Bitcoin this time. In reality, out of 10 consultants 99Bitcoins spoke to, 9 stated that retail merchants had been shifting their consideration to altcoins. Bitcoin, however, appears to be turning into a favourite amongst establishments, although many fiduciaries have but to enter the market.
Whereas analyzing completely different blockchain layers, we additionally discovered improvement exercise on layer-2s was increased than on layer-1s, with many initiatives selecting Ethereum’s different, like Solana, for scalability and financial comfort. One space that caught our eye was DeFAI (Decentralized Finance AI), a rising house that mixes synthetic intelligence with DeFi. Whereas it’s nonetheless early days for DeFAI and the market is essentially dominated by memecoins, consultants imagine the potential for innovation on this area is big.
Cryptocurrency Market Efficiency Q2 2025
After dropping to a yearly low of 15 (excessive concern) on 11 March, market sentiment rapidly bounced again in April and stayed within the greed zone for over 60 days, due to the 90-day pause on tariffs by Donald Trump. However by mid-June, the Concern and Greed Index shifted again to impartial territory, exhibiting that buyers had been turning into extra cautious resulting from world and financial uncertainty. But, they had been making bullish bets.
- Bullish bets backed by hiring surge – This rising optimism was additional mirrored in an enormous surge in crypto hiring, which rose by 753%. Most of those roles had been for builders and advertising and marketing professionals. Effectively, hiring surges like this are typical throughout bull markets and mirror robust perception within the trade’s progress potential.
- Stablecoins led sector-wide demand – Amongst all crypto sectors, Stablecoins noticed the very best demand. A latest Coinbase survey confirmed that 81% of small and medium companies (SMBs) accustomed to crypto are enthusiastic about utilizing Stablecoins of their day-to-day operations. It additionally discovered that the variety of Fortune 500 firms planning to make use of Stablecoins has tripled since 2024. We will clearly say that the Stablecoin adoption is about to rise sharply in Q3.
- Circle’s profitable IPO – Backing this pattern is Circle’s profitable IPO, which confirmed that buyers are desperate to get crypto publicity, even when they don’t seem to be instantly holding these property. On its first buying and selling day, Circle’s inventory worth jumped 168%, marking a record-breaking debut for an organization that raised not less than $1 billion in its IPO. It’s additionally price noting that Circle made historical past as the primary Stablecoin firm to go public, highlighting how far the trade has come.
- Regulatory readability – The U.S. govt. made some main strikes that broadly supported the crypto market. Key legal guidelines and government orders had been handed, and IRS reporting guidelines for DeFi platforms had been eliminated. U.S. financial institution regulators, too, relaxed guidelines round crypto, so banks now not want to tell the Federal Reserve earlier than partaking in crypto-related actions. These constructive adjustments within the broader crypto market helped enhance buyers’ confidence in Bitcoin, pushing its dominance to a four-year excessive of 63%.
A Take a look at the Crypto Leverage Market
Between 1 January 2025 to 27 Might, publicly traded firms that maintain Bitcoin of their treasuries borrowed $2.1 billion to purchase extra BTC. Semler Scientific borrowed $100 million on 24 January with plans to repay it no sooner than August 2030. Likewise, Technique borrowed an extra $2 billion on 20 February, with compensation set for March 2030.
Crypto-collateralized lending continued to be one of many principal methods buyers accessed leverage within the crypto market. The common rate of interest to borrow Stablecoins dropped considerably, from 11.59% in January to only 5% by 26 Might, marking a 56.86% decline in borrowing prices. On the similar time, Collateralized Debt Place (CDP) Stablecoins like DAI, that are backed by crypto property, noticed a $1.6 billion enhance in issuance, up 25.56%.
Bitcoin futures open curiosity throughout all main platforms rose from $101.82 billion on 1 April to $137.70 billion by 26 June. This meant that extra money was invested in leveraged trades. In distinction, the futures marketplace for altcoins stayed comparatively quiet, exhibiting that the majority merchants had been targeted on Bitcoin as a substitute. And suggesting that the broader market was far-off from the altcoin season.
In the meantime, crypto enterprise capital funding held regular in Q2, however Q1 2025 noticed a robust surge, with blockchain and crypto startups elevating $4.8 billion, the very best quarterly quantity since late 2022. In reality, the funding in Q1 alone made up 60% of all VC funding seen in 2024.
Bitcoin’s Quantitative Evaluation – Traits & Insights
Within the present bull run, Bitcoin hasn’t attracted as a lot consideration from retail buyers because it did in previous rallies. In line with Google Traits, searches for “Bitcoin” had been fairly low in comparison with the previous 12 months, which is stunning, since Bitcoin hit a brand new all-time excessive in Q2.
As per the technical evaluation of Bitcoin’s 1-Day chart, the king coin was caught in a downtrend from February to March. In early April, it broke out of this sample with a robust transfer up, which marked the beginning of a brand new uptrend.
- In direction of the top of Q1, a descending triangle fashioned with decrease highs and flat help. That is sometimes a bearish sample. However on this case, the breakout was to the upside, as sellers had been shedding management, and consumers stepped in with nice power. This upside motion was backed by excessive quantity, which initiated the Q2 uptrend.
- Submit-breakout, a transparent formation of HH (Larger Highs) and HL (Larger Lows) was seen on the chart. This was an indication that buyers had been accumulating within the hope of profit-taking.
- $92K-$96K degree acted as a robust help zone. The value consolidated right here and bounced, highlighting the consumers’ conviction. Nevertheless, $109K-$112K continued to behave as a good provide zone the place liquidity was much less.
- For all of Q2, Bitcoin handled the 200-day Shifting Common (MA) as its help. On 22 Might, the 50-day MA sloped and crossed above the 200-day MA. Thus, forming a golden cross. This indicated that the bullish momentum would proceed within the subsequent few days.
- The Quantity Oscillator confirmed excessive exercise through the breakout in April. However in late June, it confirmed a divergence with the BTC worth. In essence, it dipped under zero, suggesting that purchasing momentum was cooling down as BTC approached the psychological degree of $110k.
What Influenced Bitcoin’s Value Trajectory?
A number of components have influenced Bitcoin’s worth, from macroeconomic traits and basic information to on-chain metrics and general market sentiment.
Macroeconomic Components
In Q1 2025, rising fears of a world commerce struggle led to issues about rising costs resulting from increased manufacturing and delivery prices. Due to this, many buyers turned to safe-haven property like Gold. Nevertheless, Bitcoin additionally gained consideration in its place retailer of worth.
This shift in buyers’ sentiment coincided with blended financial alerts in america. Private Revenue elevated by 0.8% month-to-month in April whereas Private Consumption Expenditure (PCE) went up by solely 0.2%. The ISM Manufacturing PMI dropped to 48.5% in Might, from 48.7% in April. This marked the third straight month of contraction within the manufacturing sector. The ISM Companies PMI additionally fell to 49.9% in Might, from 51.6% in April. This was the primary time the companies sector contracted since June final 12 months.
Each manufacturing and companies knowledge steered the economic system was slowing. Additional, the ADP Nationwide Employment Report confirmed simply 37,000 personal sector jobs had been added in Might 2025, and the U.S. unemployment fee stayed at 4.2%. In response to those blended knowledge, in June, the Fed stored rates of interest unchanged at 4.25%–4.50% for the fourth time in a row.
Fed Chair Jerome Powell stated the policymakers needed to see the total affect of President Trump’s insurance policies on tariffs, taxes, and immigration earlier than making any fee cuts. Behind this announcement, Bitcoin pulled again barely, however rapidly recovered as hopes for a July fee minimize grew.
We discovered that Bitcoin is rising in popularity as a strategic asset for each firms and governments. Right this moment, corporates maintain over 5% of all Bitcoin in circulation, which they use as a part of their treasury technique. Governments are additionally beginning to take discover.
Round 2.5% of Bitcoin’s complete provide is now held by governments worldwide, with the U.S. alone holding 0.987%. In a 13F submitting launched on 15 Might, it was discovered that Abu Dhabi’s sovereign wealth fund invested $408.5 million within the iShares Bitcoin Belief (IBIT).
Crypto ETFs and ETPs have made it a lot simpler for buyers to get publicity to digital property with out instantly shopping for or storing them. Within the U.S., Bitcoin ETFs now have a full 12 months of efficiency historical past, which has helped construct belief amongst buyers.
As of June’s finish, Bitcoin ETF Property Below Administration (AUM) made up 6.35% of Bitcoin’s complete market cap, whereas the full AUM for crypto ETFs stood at $135.08 billion. ETFs have contributed massively to Bitcoin’s rise. Think about this: Internet flows into BTC spot ETFs reached $226.70 million, with inflows outpacing outflows over the past three months.
Expressing confidence within the rising ETF market, Chris Wright, World Head of Advertising at 21Shares informed 99Bitcoins,
We imagine that Bitcoin ETFs will entice 50% extra inflows this 12 months in comparison with final 12 months. This could end in internet inflows of roughly $55 billion in 2025, representing a rise of round $20 billion year-over-year. If this pattern continues, the full property beneath administration might almost double from simply over $110 billion at the moment, to over $200 billion by the top of the 12 months.
In reality, the most recent 13F filings submitted to the SEC by main institutional buyers reveal {that a} rising variety of fiduciaries, insurance coverage firms, and different corporations are including Bitcoin ETPs to their portfolios. In an unique dialog, Chris Wright stated,
This surge alerts not simply heightened curiosity, however a deepening conviction in Bitcoin as a long-term, strategic asset, with ETPs turning into the popular entry level for establishments. Filings confirmed a 5% enhance in institutional holders and a 7% enhance from funding advisors. College endowments additionally continued to enter the crypto house, with Brown College turning into the primary Ivy League establishment to allocate funds to Bitcoin ETPs.
In addition to ETFs, regulatory readability has additionally acted as a tailwind for Bitcoin’s upward transfer. In 2025, the SEC rolled again a number of enforcement actions and lawsuits in opposition to the digital asset trade. The crypto market additionally noticed progress on the Market Construction Invoice, which goals to create clear guidelines for digital property within the U.S. Additional, FDIC and SEC eliminated obstacles for banks to custody digital property. The Monetary Accounting Requirements Board additionally modified accounting guidelines, simplifying company reporting for Bitcoin.
This extra relaxed regulatory stance led to a surge in investor confidence, with many making massive bets on the crypto market. As we advance, the market will watch developments round U.S. commerce coverage, which can have a larger affect on crypto costs.
On-Chain Components
Institutional buyers additionally dominated on-chain exercise. As per Glassnode, over 30% of Bitcoin’s provide was held by centralized entities, with a small group of big-pocketed buyers proudly owning a lot of the cash. As extra institutional gamers have entered the market, Bitcoin exercise has shifted from on-chain settlements to off-chain infrastructures.
On-chain knowledge confirmed elevated confidence and long-term HODLing habits amongst market contributors. The yellow line (within the chart under), representing the variety of spent UTXOs reveals excessive volatility in Q1 with frequent sharp spikes. Nevertheless, after mid-March, there’s a visual decline within the depth of those spikes, highlighting buyers’ decreased speculative exercise and extra confidence in holding.
In reality, the trade influx quantity additionally decreased in Q2, thus highlighting that buyers had been transferring their Bitcoin away from centralized exchanges to their chilly wallets. This statement was additionally validated by the ‘Complete Provide Held By Lengthy-Time period Holders’ metric, which noticed a pointy and constant rise all through the final three months.
It climbed from round 14.05 million BTC to over 14.65 million BTC, indicating sturdy accumulation. Throughout this time, Bitcoin’s worth additionally noticed some sideways motion and slight pullbacks. Regardless of this, the long-term provide continued to extend, signaling that long-term holders weren’t deterred by short-term worth weak spot.
Within the derivatives market, lengthy positions outweighed the quick positions for almost all of the buying and selling classes within the second quarter. Each Bitcoin’s worth and Open Curiosity (OI) rose in tandem, revealing extra merchants opened lengthy positions anticipating additional upside. You’ll be able to think about it a traditional signal of a bullish derivatives-driven rally.
Within the perpetual futures market, funding charges had been predominantly constructive all through Q1 and early Q2, reflecting bullish bias. Nevertheless, this pattern shifted with a number of dips into destructive territory, most notably in late February, March, and once more in June. These had been the instances when aggressive quick bets had been excessive. The on-chain actions within the latter a part of Q2 revealed there could possibly be heightened volatility within the months forward.
By the top of June, near 93% of BTC holders had been sitting on earnings. Whereas 75% of holders selected to maintain their earnings for over a 12 months, round 20% held for 1-12 months, and a small group of 4% held for lower than a month, pointing to short-term buying and selling exercise. In the meantime, market volatility dropped sharply in Q2, falling from 52.68% in late March to 25.71% by mid-June.
The variety of addresses with some kind of stability rose steadily, hitting 53.72 million in mid-June, reflecting rising consumer participation. Addresses holding greater than $1 million in BTC jumped from 124,663 on 14 March to 160,822 by mid-June, once more highlighting rising institutional curiosity.
On the flip aspect, the variety of addresses holding not less than one Bitcoin dropped sharply, suggesting some retail holders might have taken earnings through the rally. These knowledge units collectively implied that by the top of Q2, the Bitcoin market was in a robust but maturing part.
What’s Forward For Bitcoin in Q3 2025?
With rising cash provide, rising curiosity from sovereign wealth funds and establishments, clearer rules, supportive laws, and a historic provide crunch, Bitcoin seems well-positioned for additional upside within the subsequent quarter.
Including to this momentum are rising ETF netflows and the chance of upcoming fee cuts, all of which might gas continued worth progress. If we take a look at the technical readings, we are able to discover that the market is in a decisive state.
Bitcoin broke above the 0.236 Fibonacci degree ($103,473) on 23 June and began treating it as a near-term help. The bulls have been trying to interrupt above the all-time-high zone of $111,000-$112,000, which has many sellers. On the again of constructive macroeconomic developments, if BTC manages to interrupt above this degree, we might see the following transfer towards $120,000, a probable psychological and Fibonacci extension goal.
Notice that within the chart above, the Fibonacci retracement is drawn from $76,000 to $112,000. If Bitcoin breaks again under $103,000, you possibly can count on a liquidity sweep all the way down to $98,000-$93,000 degree, the place the consumers will probably step in.
In line with the studying of Quantity Vary Seen Profile (VRVP), there’s a visual demand on the $104,000-$107,000 zone. The Level of Management (PoC) occurs to be at $96,000. So, if this fails, the best way to $89,000 opens rapidly. And as soon as $112,000 is cleared with sufficient quantity, Bitcoin can simply rally to $120,000 degree in a matter of some days.
A clear MACD crossover might sign the continuation of the uptrend. RSI hasn’t reached an overbought degree after 22 Might, so there are excessive probabilities of a worth enhance.
Bullish Situation (70% Chance)
For bullish momentum to proceed, these components should be checked –
- Bitcoin holds $103,000 degree and breaks by means of $111,900.
- MACD continues rising, and RSI pushes above the 60 mark.
Goal zone
- $120,000 could be stored in focus since it’ll act as psychological resistance.
- $135,000 can solely be reached with excessive ETF inflows and macro tailwinds.
Impartial-to-Bearish Situation (30% Chance)
In a impartial or bearish state of affairs, you may see the next occasions –
- Bitcoin rejects $111,000 and falls under $103,000.
- Quantity drops and MACD flattens or turns purple.
- RSI dips under 50 and continues to remain sideways.
Goal zone
$98,000, $93000, $89,000 – Every degree has historic help and fibonacci confluence.
Acknowledging the likelihood that Bitcoin may battle to interrupt previous $100,000, Daniel Polotsky, Co-Founding father of CoinFlip, informed 99Bitcoins,
I imagine Bitcoin will finish the 12 months nicely north of $100,000. Nevertheless, if tariffs result in vital inflation and immediate central banks to lift rates of interest, it might pose a severe problem. The identical issues apply if the struggle within the Center East escalates or a brand new battle breaks out.
It’s additionally vital to notice that Bitcoin faces an unprecedented provide shock. Spot Bitcoin ETFs have change into constant each day consumers, with their inflows usually exceeding the 450 BTC mined every day. This widening hole between demand and new provide is quickly decreasing the quantity of Bitcoin obtainable available in the market.
On the similar time, the trade reserve continues to say no. This merely means fewer cash can be found for buying and selling. This shortage is sure to ignite sharp strikes upward.
Traditionally, Bitcoin’s largest worth surges have occurred six to 12 months after a halving occasion. In each 2017 and 2020, these rallies had been fueled by components like retail enthusiasm and favorable financial insurance policies. Effectively, a 10x achieve this time won’t be potential. Based mostly on previous traits, a transfer that doubles or triples Bitcoin’s earlier all-time-high of $69,000 is nicely inside attain.
Most significantly, Bitcoin’s illiquid provide stored rising all through Q2, now surpassing 14 million Bitcoin as extra holders transfer their cash off exchanges and into long-term storage. On the similar time, the community’s hashrate has dipped barely, however miners aren’t speeding to promote.
In reality, miner wallets holding between 100 and 1,000 Bitcoin have elevated their balances from 61,000 Bitcoin on the finish of March to 65,000 BTC on 27 June, the very best since November 2024. It merely means that miners are assured and never feeling the stress to promote on the present costs.
99Bitcoins’ BTC Value Prediction For Q3 2025
Bitcoin typically follows seasonal patterns, often performing nicely in Q2 and early This fall, whereas Q3 tends to be slower resulting from decreased summer time buying and selling exercise. In Q3 2025, Bitcoin’s momentum may decelerate if ETF inflows drop or world financial uncertainty grows.
Nevertheless, shock fee cuts and rising institutional curiosity might push costs increased regardless of the seasonal lull. Based mostly on present fundamentals, technical charts, and the broader financial circumstances, we imagine BTC might hit $120,000 by Q3. If the worldwide cash provide retains rising, Bitcoin may even climb to $135,000 inside the subsequent six months.
Ethereum Q2 2025 Outlook
All through the quarter, Ethereum’s correlation with Bitcoin moved between 0.49 and 0.98. There was a short divergence in late June, as ETH pushed above $2,459, its correlation with Bitcoin declined earlier than stabilizing once more. The Complete Worth Locked (TVL) on this layer-1 chain steadily grew all through Q2, with solely minor pullbacks. This indicated that builders continued to favor Ethereum regardless of ongoing issues about excessive fuel charges.
Out of the 1,263 protocols on Ethereum, the liquid staking platform Lido held the most important share with $22 billion in TVL, adopted intently by AAVE with $21.7 billion. Solely 30.94% of addresses holding ETH had been making a revenue on the $2,439 worth degree, whereas 18.47% had been in loss, and 50.59% had been impartial.
In early January, the MVRV ratio was above 1.5, indicating ETH was buying and selling nicely above its common on-chain value foundation. From February to April, each the ETH worth and MVRV ratio declined. MVRV dropped under 1.0 in March, signaling undervaluation, sometimes a bullish sign suggesting ETH was buying and selling under what most holders paid.
Curiously, ETH started climbing once more in late April, MVRV additionally recovered to only above 1.2, highlighting reasonable revenue ranges, however not excessive overvaluation. Round mid to late June, ETH costs elevated, however MVRV dipped barely. This divergence steered that new consumers entered at increased costs, making ETH extra dear, whereas additionally inflicting the realized cap to go up. Principally, the worth of ETH was rising, however the general revenue margin available in the market was shrinking.
With favorable rules anticipated from the U.S., Ethereum ETF initially skilled internet outflows in early April, however the pattern quickly shifted because the inflows started to rise. The inflows had been comparatively decrease than what Bitcoin registered. Nevertheless, ETH ETFs amassed $11 billion in Property Below Administration (AUM) by the top of June. On the similar time, the variety of addresses holding not less than 10,000 ETH elevated throughout Q2, highlighting whales’ energetic acquisition.
What to Count on From Ethereum in Q3 2025?
Ethereum’s each day chart confirmed a transparent breakdown from a rising wedge sample, which usually alerts short-term bearish momentum. After peaking under the $3,000 degree, ETH failed to interrupt above the near-term resistance zone of $2,950-$3,250.
Following the breakdown in mid-June, the worth fell towards the $2,200 degree, however managed to recuperate barely. In late June, ETH began treating the center Bollinger Band (BB) as its resistance, and the bands contracted, revealing that the market was indecisive. Chaikin Cash Circulate (CMF) has been under 0.29 degree for many of Might and June, indicating delicate shopping for stress and never a robust accumulation part. Quantity has additionally been common with no clear sign of pattern reversal.
If Ethereum is unable to reclaim the $2,879 degree convincingly, it could proceed to commerce sideways, or it would even revisit the $2,000 help degree that has consumers’ dominance. Nevertheless, if bulls regain management and ETH breaks above $2,879 with rising quantity and CMF affirmation, the worth might problem $3,000 to $3,197 provide zone in Q3. For now, the technical setup favors a cautious outlook.
Overview of Key Crypto Sectors
Amongst all of the sectors, memecoins and AI tokens skilled the very best volatility, marked by sharp worth swings and speculative buying and selling. Bitunix‘s analyst knowledgeable 99Bitcoins,
Sectors underpinned by actual property or breakthrough know-how purposes attracted essentially the most capital and investor consideration.
In distinction, the NFT market remained largely subdued, persevering with the pattern of stagnation seen over the earlier years.
DeFi Sector
- The Complete Worth Locked (TVL) in DeFi climbed steadily in early Q2, however declined once more towards the top of June. Regardless of the pullback, it remained above the 15 April low of $86 billion. Ethereum continued to dominate the DeFi house, accounting for 55.78% of the full TVL, whereas Solana held a 7.62% share.
- Q2 additionally noticed encouraging alerts from the Securities and Trade Fee (SEC). In a roundtable hosted on the SEC’s headquarters, Chair Paul Atkins hinted at the potential of regulatory exemptions that might enable U.S.-based DeFi corporations to function with fewer constraints.
- Curiously, Chainlink reached a significant milestone in its improvement work, strengthening its place within the DeFi house. In June, it recorded 363 vital GitHub actions, greater than any of its opponents. DeepBook Protocol got here in second with 193 GitHub actions, adopted by DeFiChain with 152 developmental updates.
- Ripple formally concluded its five-year authorized battle with the SEC by withdrawing its cross-appeal. The top of this battle is predicted to behave as a tailwind, with some consultants predicting XRP will cross above $3.4 by the top of 2025. XRPL utilization has been rising throughout the TradFi sector, notably for cross-border funds and tokenization. 99Bitcoins additionally discovered that XRPL funds created from one account to a different elevated significantly in June.
- The Decentralized Trade (DEX) Hyperliquid’s token HYPE elevated by 396% between 7 April and 16 June, pushed by rising investor curiosity. In reality, this DEX now leads the decentralized perpetuals market, processing over 70% of DEX perp quantity. It has, thus, change into one of many greatest gamers within the DeFi house.
- Not too long ago, Nasdaq-listed Lion Group introduced that it’s going to maintain $600 million in reserves with HYPE as its principal treasury asset. The DEX additionally delivers a clean buying and selling expertise with options like one-click buying and selling, direct deposits from over 30 chains, and quick access to identify, margin, and perpetual markets. Its Distinctive Lively Wallets (UAW) depend has additionally seen appreciable progress. Thus, prompting many analysts to foretell HYPE token’s surge to not less than $50 by the top of 2025.
Stablecoin Market
Q3 has been one of many strongest quarters for the Stablecoin sector. In 2025, Stablecoin utilization has steadily grown, with the common circulation provide rising month-to-month. Over the previous 12 months, complete Stablecoin transaction quantity surpassed $35 trillion, whereas the variety of distinctive energetic addresses reached 265 million.
USDT continues to dominate Stablecoin transaction quantity. Nevertheless, USDC is steadily gaining floor, particularly following Circle’s profitable itemizing on the New York Inventory Trade. In June, USDT accounted for 68.77% of all Stablecoin transactions, with USDC capturing 30.83%. On the blockchain aspect, Tron led in Stablecoin quantity for many months whereas Ethereum held the second spot.
The U.S. continues to advance federal Stablecoin laws with the STABLE Act and the GENIUS Act. With extra regulatory readability, this sector is predicted to develop quickly within the subsequent few quarters.
Market Traits in Memecoins
Memecoins creation has surged to new heights in 2025, with over 5.9 million tokens created to this point in 2025, with most of them originating from pump.enjoyable. After a pointy decline in Q1, the memecoin market cap noticed a modest restoration in Q2, although it remained extremely risky.
Among the many top-gainers of all time, PEPE led the best way with a surprising 89.93M% achieve, whereas FARTCOIN holds the eighth spot with 2.28M% achieve. Curiously, blue-chip memecoins like DOGE or SHIB had been absent from the “Prime Gainers” record. This highlights the shift in momentum towards newer and extra speculative tokens.
As risk-loving buyers proceed to flock to memecoins, the crypto market can also be witnessing a shift within the nature of crypto-related crimes. Relatively than exploiting sensible contract bugs, hackers are more and more specializing in phishing assaults and wallet-related breaches. A major variety of these pockets hacks have focused addresses holding memecoins as nicely.
DePIN, RWAs, and AI Token Sectors
- In contrast to all different sectors, the DePIN market cap noticed a major fall post-Might. Out of 417 initiatives, Bittensor carried out higher by way of worth motion. This sector continues to be in its early stage, with many initiatives being too technical for an investor to know.
- The RWA sector noticed notable progress, with LINK securing the fifth spot on the all-time prime gainers record, boasting a powerful 8.39k% progress.
- AI tokens confirmed higher efficiency in April and Might, however struggled in June, with most recording losses. In comparison with different sectors, they’ve but to generate vital pleasure or sustained curiosity from buyers.
Non-Fungible Tokens (NFT) Market
- Regardless of the continuing winter, buying and selling quantity within the NFT market noticed an uptick within the second quarter. The full variety of NFT collections continued to develop, and the variety of addresses interacting with NFTs additionally noticed a slight enhance by mid-April.
- NFT gross sales reached 51 million by the top of June. Nevertheless, over the previous month, the market skilled a pullback with NFT gross sales quantity dropping by 27% and transactions declining by 52%. Curiously, the variety of consumers rose by 27.85% whereas sellers decreased by 13%. Thereby, hinting at a gradual shift in market dynamics.
- OpenSea dominated the NFT market with $2.3 million in quantity. In the meantime, NFT quantity on the Ethereum blockchain accounted for $22.44 million.
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References
- SEC Official Website
- Federal Funds Efficient Charge
- Glassnode
- Santiment
- IntoTheBlock
- CryptoQuant
- CoinMarketCap
- CoinGecko
- DappRadar
- NFTGo
Disclaimer: This ‘Q2 2025 Crypto Market Report’ provides an in depth overview of the crypto market. The info and evaluation are supposed just for informational and academic functions and shouldn’t be thought-about monetary recommendation.
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