2025 Q2 Crypto Industry Report

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 exchanges, 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 50 slides below.

Top 7 Highlights of CoinGecko’s 2025 Q2 Crypto Industry Report

1. Total Crypto Market Cap Rebounded +24.0% to $3.5T in 2025 Q2, Returning to Near YTD Highs

2. Bitcoin Rebounded Above $100k and Made a New ATH This Quarter, Increasing Its Dominance to 62.1% of Total Crypto Market Cap 

3. The Price of ETH Jumped From $1,805 to $2,488 in 2025 Q2, Though Still Lower Than Its 2025 Opening Price of $3,337

4. Crypto’s First Major IPO of 2025 - Circle Oversubscribed by 25X, With Its Stock Hitting a High of $299, a +864.5% Increase From Its IPO Price

5. Despite Market Rebound, Spot Trading Volume on Centralized Exchanges Fell -27.7% QoQ to $3.9T in 2025 Q2

6. In Contrast, Spot Trading Volume on Decentralized Exchanges Rose +25.3% QoQ, Reaching a New Spot DEX:CEX All-Time High 

7. Perp Trading Volume on Decentralized Exchanges Also Hit A New All-Time High Quarter of $898.0B in 2025 Q2

1. Total Crypto Market Cap Rebounded +24.0% to $3.5T in 2025 Q2, Returning to Near YTD Highs

Total crypto market cap recovered +$663.6B in Q2, rising +24.0% to end the quarter at $3.5 trillion. This follows an -18.6% drawdown in Q1, marking a full reversal of losses and bringing markets back near YTD highs.

Despite the market recovery, average daily trading volume continued to decline, down -26.2% Quarter-on-Quarter (QoQ) to $107.8 billion. This was the second consecutive quarter of shrinking spot activity. 2025 Q1 trading volume stood at $146.0 billion. 

2. Bitcoin Rebounded Above $100k and Made a New ATH This Quarter, Increasing Its Dominance to 62.1% of Total Crypto Market Cap

Bitcoin (BTC) continued to climb in dominance, increasing by +3.0 percentage points (p.p.) in 2025 Q2, and a +7.6 p.p. climb year-to-date. It ended the quarter with a 62.1% dominance as capital flows continued to favor BTC over altcoins. 

Meanwhile, Ethereum (ETH) inched up by +0.8 p.p. to 8.8%, recovering slightly from Q1’s multi-year lows. ETH was the only altcoin in the top 7 to see a rise in dominance. Both stablecoins and other large cap cryptos saw marginal decreases in market share. 

The ‘Others’ category shrank by -2.0 p.p. to 13.7%, highlighting the continued weakness across the altcoin landscape.

3. The Price of ETH Jumped From $1,805 to $2,488 in 2025 Q2, Though Still Lower Than Its 2025 Opening Price of $3,337

ETH closed 2025 Q2 at $2,488, representing a +36.4% increase within the quarter. It managed to outperform other majors such as BTC, SOL, XRP, and BNB. However, it has yet to reach its 2025 opening price of $3,337.

While ETH showcased bullish momentum in Q2, trading volume dropped from a daily average of $24.4 billion in 2025 Q1 to $19.5 billion in the latest quarter. This is despite accumulation by institutional investors and could be a sign that large trades are being facilitated via OTC brokers.

Average gas costs continued to drop in Q2 to a daily average of 3.5 Gwei, down from 6.9 Gwei in Q1. However, daily transactions picked up in Q2 to a daily average of 1.3M, up from 1.2M in Q1.

4. Crypto’s First Major IPO of 2025 - Circle Oversubscribed by 25X, With Its Stock Hitting a High of $299, a +864.5% Increase From Its IPO Price

While not the first, Circle’s NYSE IPO set off significant excitement among crypto companies seeking to IPO in the US. 

Circle’s NYSE IPO on June 5, 2025 set off significant excitement on crypto companies seeking to IPO in the US. While there were initial worries over its valuation (with many claiming it to be overvalued), the IPO was a major success, being oversubscribed by >25x. 

The price action of CRCL post-IPO was extremely volatile, with the stock closing its first day at $83.23 despite being priced at $31 per share at IPO. It then more than tripled in the following days, reaching an all-time high of $298.99 on June 23. This represents an +864.5% increase from its IPO price. 

Circle’s tremendous IPO success have raised expectations for other companies rumored to IPO, including Kraken, Gemini, and Grayscale.

5. Despite Market Rebound, Spot Trading Volume on Centralized Exchanges Fell -27.7% QoQ to $3.9T in 2025 Q2

In 2025 Q2, the top centralized exchanges (CEXes) recorded $3.9 trillion in spot trading volume, a decrease of -27.7% from Q1’s $5.4 trillion. 

Binance remained the dominant spot CEX, maintaining a market share of 37% - 39% throughout the quarter. However, its trading volume dropped below $500 billion in April and June. This comes despite market bullishness in Q2, with BTC breaking its All-Time High (ATH) in May. 

MEXC, HTX, and Bitget were the only exchanges to grow QoQ, with gains of +3.7%, +5.4%, and +3.0% respectively. Notably, MEXC and HTX are now #2 and #3, having displaced Crypto.com and Bybit. 

Meanwhile, Crypto.com suffered the biggest QoQ drop, falling -61.4% from $560.2 billion in Q1 to $216.4 billion in Q2. It is now the #8 largest exchange, after dominating the #2 spot for the two previous quarters.

 

6. In Contrast, Spot Trading Volume on Decentralized Exchanges Rose +25.3% QoQ, Reaching a New Spot DEX:CEX All-Time High 

In 2025 Q2, the top 10 decentralized exchanges (DEXes) recorded a total of $876.3 billion in spot trading volume, a jump of +25.3% from $699.2 billion in 2025 Q1. With the huge increase in volume, the DEX:CEX ratio increased from 0.13 in Q1 to 0.23 in Q2, marking an ATH. 

PancakeSwap was the largest gainer QoQ, growing +539.2% from $61.4 billion in 2025 Q1 to $392.6 billion in 2025 Q2. It is now the largest DEX, accounting for 45% of all trades in Q2. This can be attributed to the launch of Binance Alpha in May, which routes trades through PancakeSwap. In turn, this has also made BSC the most popular chain for DEX trading, overtaking the likes of Ethereum, Base, and Solana.

Solana DEXes such as Orca, Meteora, and Raydium all suffered declines, dropping -40.5%, -56.8%, and -73.4% QoQ, respectively. With attention shifting away from Solana and meme coins in Q2, volume flowed to other chains.

7. Perp Trading Volume on Decentralized Exchanges Also Hit A New All-Time High Quarter of $898.0B in 2025 Q2

In 2025 Q2, Hyperliquid continued to increase its dominance over the rest of the top 10 perpetual decentralized exchanges, with a 72.7% market share. It recorded $653.2 billion in trading volume, and was the eighth largest perp exchange across both CEXes and DEXes. 

Within the top 10, only Hyperliquid, Aster (formerly APX Finance), RabbitX, and EdgeX posted volume growth. Aster, in particular, saw its volume double QoQ after the introduction of its Pro mode. 

dYdX, which spearheaded perp DEXes at its peak, has continued to see its volume plummet. Throughout Q2, it recorded $5.3 billion in average monthly volume, half of what it posted in January 2025.

Read the Report: CoinGecko’s 2025 Q2 Crypto Industry Report

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