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2025 Q2 Crypto Industry Report | CoinGecko

After a rough start to the year, the crypto market staged a comeback in 2025 Q2. Total market capitalization surged +24.0%, recovering $663.6 billion in lost value to end the quarter at $3.5 trillion, just shy of its January highs. But beneath the surface of this recovery lies a more complex picture. Spot trading volumes continued to decline for the second straight quarter, even as Bitcoin soared back above $100,000 and Circle’s blockbuster IPO reignited investor enthusiasm. Capital flowed overwhelmingly into BTC, pushing its market dominance past 62%, while altcoins struggled to regain momentum. Ethereum led the altcoin pack with a strong quarterly gain, but still lagged behind its yearly opening price. Meanwhile, a shift in trading behavior is taking shape. Decentralized exchanges saw record growth in both spot and perp volumes, with PancakeSwap and Hyperliquid emerging as clear winners in their categories. As volumes drained from centralized exhcnages, traders increasingly turned to decentralized ones, signaling a broader transformation in how crypto is being traded. Our comprehensive 2025 Q2 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 51 slides below.

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Decentralized Finance•
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$0B $50B $100B $150B $200B $250B $300B $350B $400B $450B $500B $0.0T $0.5T $1.0T $1.5T $2.0T $2.5T $3.0T $3.5T $4.0T $4.5T Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Total Volume Traded Total Market Cap MarketCap Trading Volume
Market Share 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 BTC ETH USDT XRP BNB SOL USDC Others
$0B $20B $40B $60B $80B $100B $120B $140B $160B $180B $200B $220B $240B $260B Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 USDT USDC USDS USDE USD1 Others Market Cap
4800 5000 5200 5400 5600 5800 6000 6200 6400 $0.0T $0.5T $1.0T $1.5T $2.0T $2.5T $3.0T $3.5T $4.0T $4.5T Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Bitcoin Market Cap Total Market Cap S&P 500 MarketCap S&P500
1.8% 1.9% 2.2% 2.2% 2.2% 2.4% 2.7% 2.7% 2.7% 2.9% 3.4% 3.5% 3.8% 3.9% 4.4% 5.5% 6.8% 7.1% 11.5% 18.0% Meme Coins Artificial Intelligence Real World Assets Solana Meme Coins Solana Ecosystem Sui Ecosystem AI Agents Layer 1 Stablecoins DeFi Base Ecosystem Ethereum Ecosystem Virtuals Ecosystem Made in USA Smart Contracts Sui Meme Coins Gaming Base Meme Coins World Liberty Financial Portfolio AI Meme Coins
• •
$0M $20M $40M $60M $80M $100M $120M $140M $160M $180M $200M $0 $50 $100 $150 $200 $250 05-Jun 07-Jun 09-Jun 11-Jun 13-Jun 15-Jun 17-Jun 19-Jun 21-Jun 23-Jun 25-Jun 27-Jun 29-Jun Volume Daily Last Price
$0B $50B $100B $150B $200B $250B $300B $350B $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Volume Price BTCPrice Trading Volume
0M 200M 400M 600M 800M 1000M 1200M Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 • • • • • Hashrate (TH/s)
PriceReturn -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Apr-25 May-25 Jun-25 BTC NASDAQ CRUDE OIL GOLD TLT DXY EUR GBP
-$1,500M -$1,000M -$500M $0M $500M $1,000M $1,500M Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 IBIT FBTC BITB ARKB BTCO EZBC BRRR HODL BTCW GBTC BTC Total Net Flows
$70,000 $75,000 $80,000 $85,000 $90,000 $95,000 $100,000 $105,000 $110,000 $115,000 1-Apr 8-Apr 15-Apr 22-Apr 29-Apr 6-May 13-May 20-May 27-May 3-Jun 10-Jun 17-Jun 24-Jun 1-Jul
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ETH Price Trading Volume $0B $20B $40B $60B $80B $100B $120B $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Trading Volume Price
Transaction Count 0.0M 10.0M 20.0M 30.0M 40.0M 50.0M 60.0M Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 BSC Base Tron Polygon Arbitrum Unichain Worldchain Taiko Avalanche Optimism Others
-$200M -$100M $0M $100M $200M $300M $400M Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 ETHA FETH ETHW CETH ETHV QETH EZET ETHE ETH Total Net Flows
TrackDEXsand OnchainTokenPrices inRealTime
$0B $5B $10B $15B $20B $25B $30B $0 $50 $100 $150 $200 $250 $300 Jan-25 Jan-25 Mar-25 Apr-25 May-25 May-25 Jun-25 Volume Price SOL Price Trading Volume
✓ ✓ ✓ ✓ ✓ ✓ ✓
2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% $0B $20B $40B $60B $80B $100B $120B $140B Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Total DeFi Market Cap DeFi Share of Market (DeFi/Global Market Cap) Market Cap % of Market
$0B $40B $80B $120B $160B $200B Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Ethereum Solana BSC Bitcoin Tron Base Arbitrum Sui Hyperliquid Avalanche Others TVL
Basis Trading $8.09B Derivatives $5.43B
Founded in 2018, BingX is a leading crypto exchange and Web3 AI company, serving over 20 million users worldwide. With a comprehensive suite of AI-powered products and services, including derivatives, spot trading, and copy trading, BingX caters to the evolving needs of users across all experience levels. Download the BingX App www.bingx.com TradingView's Best Crypto Exchange for 2021, 2022 & 2023 Blockchain Life 2024 Centralized Crypto Exchange of the Year Ranked Among the Top 5 Crypto Derivatives Platforms in 2024 OFFICIAL CRYPTO EXCHANGE PARTNER OF CHELSEA FC Get started on BingX and be rewarded with up to 6,000 USDT.
$534M $338M $132M $100M $141M $99M $153M $116M $547M $55M $77M $51M $35M $39M $44M $40M $42M $39M $0M $100M $200M $300M $400M $500M $600M $700M $800M $900M Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Ethereum Bitcoin Mythos BSC Immutable Solana Base Polygon Flow Arbitrum Blast Ronin Trading Volume
$156M $200M $67M $54M $76M $76M $16M $34M $56M $66M $63M $68M $54M $54M $56M $49M $70M $45M $362M $135M $49M $35M $50M $33M $74M $59M $478M $31M $42M $26M $0M $100M $200M $300M $400M $500M $600M $700M $800M Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 OpenSea Courtyard OKX Blur Magic Eden CryptoPunks Fantasy SuperRare Tensor Foundation Trading Volume
$286M $80M $38M $32M $38M $33M $0M $50M $100M $150M $200M $250M $300M $350M Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Blend NFTfi Arcade X2Y2 Zharta BendDAO Nirvana** ) Loan Volume 25.8% 19.5% 16.8% 12.6% 7.8% 5.7% 4.8% Bored Ape Yacht Club Pudgy Penguins Azuki Mutant Ape Yacht Club DeGods Milady Wrapped CryptoPunks Lil Pudgys Redacted Remilio Babies Doodles Others
Market Share 36% 37% 42% 38% 37% 39% 5% 7% 7% 7% 11% 8% 4% 4% 7% 5% 7% 8% 6% 7% 6% 9% 8% 8% 5% 5% 6% 7% 7% 8% 10% 10% 6% 7% 7% 7% 6% 6% 6% 7% 7% 6% 12% 11% 7% 6% 5% 5% 7% 7% 7% 7% 6% 5% 8% 6% 5% 6% 5% 4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Binance MEXC HTX Gate Bitget Bybit OKX Crypto.com Coinbase Upbit
Market Share 5% 12% 13% 9% 37% 65% 26% 34% 38% 45% 35% 19% 8% 9% 10% 8% 5% 14% 10% 10% 11% 6% 14% 10% 8% 8% 4% 25% 15% 9% 7% 5% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 PancakeSwap Uniswap Aerodrome Orca Meteora Raydium Hyperliquid Curve Maverick Sunswap
Market Share 4% 10% 11% 7% 39% 66% 19% 28% 32% 26% 14% 10% 53% 34% 25% 27% 15% 8% 13% 14% 14% 24% 18% 6% 7% 9% 12% 8% 5% 4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 BSC Ethereum Solana Base Arbitrum Unichain Aptos Sui Optimism Tron
33% 31% 33% 32% 32% 33% 14% 13% 15% 15% 15% 15% 13% 12% 12% 12% 12% 13% 12% 11% 12% 11% 11% 12% 12% 16% 13% 12% 11% 11% 5% 6% 6% 8% 9% 8% 5% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Binance OKX Bybit Bitget MEXC Gate Coinbase International BingX HTX Crypto.com Market Share
$0B $20B $40B $60B $80B $100B $120B $140B $160B Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Binance Bybit Bitget Gate OKX HTX MEXC BingX Crypto.com Coinbase International Open Interest
Market Share 65% 70% 70% 71% 77% 69% 12% 11% 10% 9% 6% 6% 11% 5% 5% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Hyperliquid Jupiter Aster (formerly APX Finance) ApeX GMX Vertex RabbitX edgeX dYdX SynFutures
$0B $2B $4B $6B $8B $10B $12B Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Hyperliquid Jupiter dYdX GMX SynFutures Vertex ApeX RabbitX Aster (formerly APX Finance) edgeX Open Interest
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