2025 Annual Crypto Industry Report (CoinGecko)

Summary

• Total crypto market cap ended 2025 at $3.0T, down 10.4% YoY, the first down year since 2022.p.4
• Bitcoin hit a new ATH of $124,774 on Oct 7 and closed the year at $87,520, down 6.4% YoY.p.4
• DATCos spent $49.7B acquiring crypto, while US Crypto ETFs saw $31.9B net inflows in 2025.p.6
• Stablecoin market cap rose by 48.9% in 2025, ending the year above the $300B milestone.p.7
• Notional volume on prediction markets grew to $63.5B in 2025, a 4x increase from 2024.p.8
• Top 10 perp exchanges volume totaled $92.9T in 2025, up 64.6% YoY despite the market decline.p.9
• Crypto M&A hit $18.6B in 2025, with Naver's acquisition of Dunamu the headline deal worth $10B.p.22

Key insights

1. Gold was the best performing asset in 2025 with a 62.6% gain, while BTC was the third worst performer.p.5
2. Tether remains the dominant stablecoin with 60.1% ($187.0B) of the $311.0B total stablecoin market cap.p.7
3. Bitcoin dominance ended the year at 57.4%.p.12
4. Top 20 categories made up 67.7% of user attention in 2025, compared to 78.7% in 2024.p.17
5. Major crypto hacks drained over $2.38B in 2025, led by Bybit's record $1.5B theft.p.19
6. As at Jan 1, 2026, DATCos collectively held $134.0B worth of crypto, a 137.2% jump from $56.5B on Jan 1, 2025.p.20
7. Tether accounted for 41.9% of all revenue among 168 revenue generating protocols, making about $5.2B in 2025.p.23
8. US Spot BTC ETFs closed 2025 with $21.3B in net inflows, and total AUM of $120.8B was up 13.3% YoY.p.28
9. Transactions on the EVM ecosystem grew 90.3% in 2025, from 32.9M to 62.6M.p.32
10. Prop AMMs account for 44.7% of onchain volume on Solana.p.37