2025 Q3 Crypto Industry Report (CoinGecko)

Summary

• Total crypto market cap rose by +$563.6B (+16.4%) to end 2025 Q3 at $4.0T.p.4
• Bitcoin dominance fell 5.2 p.p. to 56.9%, signaling a rotation into ETH and other large cap altcoins.p.5
• Stablecoin market cap surged by a record +$44.5B in Q3 to reach $287.6B.p.7
• DATCos spent at least $22.6B in new crypto acquisitions in 2025 Q3 and hold ~$138.2B worth of crypto by the end of Q3.p.11
• Bitcoin formed a new ATH of $123,561 in Q3 and closed the quarter with a +6.4% gain.p.14
• US Spot BTC ETFs net inflows decreased from $12.8B in 2025 Q2 to $8.8B in Q3.p.17
• US Spot ETH ETFs recorded $9.6B in net inflows in 2025 Q3, with total AUM at $28.6B.p.23

Key insights

1. ETH (+66.6%) was the clear leader among the Top 5 cryptos in Q3, while Bitcoin lagged at +6.4%.p.6
2. Top 20 categories made up only 53.1% of user attention in Q3, compared to 91.6% in Q2.p.9
3. Bullish was the strongest Q3 crypto IPO, closing the quarter at +71.9% above its IPO price.p.12
4. Bitcoin mining hashrate rose 35.1% QoQ in Q3.p.15
5. Gold outperformed all major assets in Q3, rising +15.6% to a new all-time high.p.16
6. ETH reached a new all-time high of $4,946 in August and closed Q3 at $4,215.p.20
7. Total DeFi TVL rose by +40.2% from $115B at the start of July to $161B at the end of September.p.31
8. Multichain TVL surged by +49.0% from $160B at end-June to $238.3B at end-September.p.32
9. Total locked assets across the top 12 bridges grew by +39.7% from $39.9B in 2025 Q2 to $55.7B in Q3.p.34
10. The market cap of tokenized stocks grew by over 83x from $4.5M at end-June to $382.4M at end-September.p.35