Coingecko 2025 Cryptocurrency Industry Report: Total Market Cap Plummets, What Else Is Rising?
Author: CoinGecko
Compiled by: Deep潮 TechFlow
In the final quarter of 2025, the crypto market experienced a sharp correction, with total market capitalization plunging 23.7%, ending the year at $3 trillion. This marks the first annual decline since 2022, with a year-over-year decrease of 10.4%. Although the quarter initially saw a record high of $4.4 trillion, a historic $19 billion liquidation event in October caused prices to drop sharply. Despite the price correction, market volatility drove daily trading volume to a yearly high of $161.8 billion, while the stablecoin market grew 48.9% year-over-year, reaching a record $311 billion.
This year, the crypto market showed signs of decoupling from traditional assets, with gold rising 62.6%, and the US stock market performing strongly, while Bitcoin declined 6.4%. However, institutional adoption deepened further, with Digital Asset Treasury Companies (DATCos) deploying at least $49.7 billion in 2025 to acquire over 5% of the total supply of Bitcoin and Ethereum. Other highlights include a 302.7% surge in prediction market trading volume and a record annual perpetual contract trading volume on centralized exchanges of $86.2 trillion. These data points indicate that even amid falling prices, market infrastructure and utility continue to expand.
Our “2025 Crypto Industry Report” comprehensively covers everything from the crypto market overview to in-depth analysis of Bitcoin and Ethereum, as well as exploring the DeFi and NFT ecosystems, and reviewing the performance of centralized exchanges (CEX) and decentralized exchanges (DEX).
Below are the key highlights from the report, but be sure to read the full 60-page report for detailed insights.
CoinGecko “2025 Crypto Industry Report” Seven Key Highlights
- Total crypto market cap declined 10.4% in 2025, ending at $3 trillion
- Stablecoin market cap surged by $102.1 billion (+48.9%) in 2025, reaching a record $311 billion
- Gold outperformed in 2025 with a 62.6% increase, while Bitcoin lagged, down 6.4%, and the US dollar and oil also underperformed
- Digital Asset Treasury Companies (DATCos) invested at least $49.7 billion in 2025, with about 50% concentrated in Q3
- Prediction market trading volume surged 302.7% in 2025, reaching $63.5 billion
- Centralized exchange perpetual contract trading volume grew 47.4% in 2025, reaching $86.2 trillion, a new all-time high
- Decentralized exchange perpetual contract trading volume increased 346% in 2025, reaching $6.7 trillion, setting a new record
1. Crypto Market Cap Plummeted 23.7% in Q4 2025 (a decrease of $946 billion), Ending the Year at $3 Trillion
The total crypto market cap declined 23.7% in Q4, decreasing by $946 billion, ending the year at $3 trillion, down 10.4% year-over-year. This is the first annual decline since 2022.
At the start of Q4 2025, the crypto market performed strongly, with total market cap reaching a record high of $4.4 trillion. However, this peak was not sustained, and prices continued to decline through late November, entering a sideways range until the end of the year. The trigger for this decline was the historic $19 billion liquidation event in October, triggered by the U.S. announcing a 100% tariff on China.
Meanwhile, the average daily trading volume in Q4 increased to $161.8 billion, setting a yearly high, up 4.4% quarter-over-quarter. This growth was mainly driven by the liquidation event and subsequent high volatility. However, as the market entered a consolidation phase, trading volume gradually declined.
2. Stablecoin Market Cap Surged by $102.1 Billion (+48.9%) in 2025, Reaching a Record $311 Billion
In Q4 2025, the total stablecoin market cap increased by $6.3 billion, reaching a record $311 billion at the end of the quarter. The entire year saw a 48.9% YoY growth in stablecoins, adding $102.1 billion.
The biggest change in Q4 was the collapse of Ethereum ecosystem stablecoin Ethena’s USDe, which saw its market cap plummet 57.3% (a decrease of $84 million) after rapid deleveraging in mid-October. Due to the Binance de-pegging event, USDe’s supply fell from a peak near $15 billion to $6.3 billion, severely damaging investor confidence in high-yield cyclical strategies.
Meanwhile, PayPal’s stablecoin PYUSD emerged strongly, with a 48.4% increase (adding $1.2 billion), reaching $3.6 billion, becoming the fifth-largest stablecoin, replacing World Liberty Financial’s USD1. Its growth was driven by YouTube’s creator earnings payout feature and Spark Savings Vault offering approximately 4.25% yield.
3. Gold Leads 2025: Up 62.6%, Bitcoin Falls 6.4%, US Dollar and Oil Also Weak
In 2025, gold was the standout asset, rising 62.6% for the year. In contrast, Bitcoin performed poorly, down 6.4%, echoing the weakness in the US dollar and oil.
Gold’s performance was particularly strong, with an 11.4% increase in Q4 alone, driven mainly by central bank accumulation and uncertainties related to tariffs. Following that, the US stock market saw the Nasdaq rise 20.5%, and the S&P 500 increase 16.6%, supported by ongoing AI narratives.
Meanwhile, commodities and equities performed well, but Bitcoin (BTC) underperformed, declining 6.4% for the year. Assets that underperformed Bitcoin include the US Dollar Index (down 10.0%, affected by rate cuts and political changes) and crude oil (down 21.5%, due to global oversupply and record production by non-OPEC countries).
4. Digital Asset Treasury Companies (DATCos) Invested at Least $49.7 Billion in 2025, About 50% in Q3
Digital Asset Treasury Companies (DATCos) became key players in the market in 2025, investing at least $49.7 billion in cryptocurrencies throughout the year. Q3 was the peak, accounting for half of the annual total, mainly due to a surge of emerging altcoin DATCos.
However, investment slowed significantly in Q4, with only $5.8 billion deployed. The market downturn dragged down DATCos’ stock prices, causing many to see their net asset value (mNAV) fall below 1.0. This prompted them to buy back shares rather than continue accumulating cryptocurrencies.
As of January 1, 2026, DATCos held a total of $134 billion in crypto assets, a 137.2% increase from $56.5 billion on January 1, 2025. They currently hold over 1 million Bitcoin and 6 million Ethereum, representing more than 5% of their total supply.
5. Prediction Market Trading Volume Surged 302.7% in 2025, Reaching $63.5 Billion
Prediction markets experienced explosive growth in 2025, with trading volume increasing 302.7% YoY to a record $63.5 billion.
Nominal trading volume in prediction markets skyrocketed from $15.8 billion in 2024 to $63.5 billion in 2025, a 302.7% increase.
At the start of 2025, Polymarket held 85.6% of the market share in Q1 but was overtaken by Kalshi in Q4. In Q4, Kalshi’s market share reached 39.6%, with Polymarket at 32.4%. Additionally, Opinion, supported by Yzi Labs and built on BNB Chain, launched in November and became a strong competitor. Its December trading volume hit $7 billion, matching Kalshi, though current activity may be influenced by airdrop events.
6. Centralized Exchange Perpetual Contract Trading Volume Grew 47.4% in 2025, Reaching $86.2 Trillion, a New Record
In Q4 2025, the top ten centralized perpetual contract exchanges (Perp CEXes) recorded a combined trading volume of $21.2 trillion, down 12.0% from Q3’s $24.0 trillion. The total annual volume reached $86.2 trillion, up 47.4% YoY, setting a new all-time high.
October 2025 was the second-highest month on record, after August, when Bitcoin hit a new all-time high. December was the slowest month, with only $5.3 trillion in volume.
Throughout 2025, the market share of the top ten centralized perpetual exchanges remained relatively stable. The only notable change was MEXC’s trading volume surging in November and December, overtaking OKX, Bybit, and Bitget to rank second. Outside the top ten, KuCoin performed well, becoming the only non-top ten perpetual exchange to surpass $1 trillion in volume in 2025.
7. Decentralized Exchange Perpetual Contract Trading Volume Grew 346% in 2025, Reaching $6.7 Trillion, a New Record
Decentralized perpetual contract exchanges (Perp DEXes) saw their Q4 2025 trading volume grow 80.8%, from $1.8 trillion in Q3 to $3.2 trillion in Q4.
In 2025, the total annual trading volume of the top ten Perp DEXes reached $6.7 trillion, a significant increase of 346% from $1.5 trillion in 2024. The ratio of Perp DEX to centralized perpetual contract trading volume rose from 2.5% a year earlier to 7.8%.
The growth was mainly driven by incentives and airdrops from exchanges like Lighter, Aster, edgeX, GRVT, and Paradex. Hyperliquid remained the most active decentralized perpetual contract exchange overall in 2025 but was surpassed by Lighter in Q4. Both Hyperliquid and Lighter now rank among the top ten perpetual DEXs by annual volume, with $2.9 trillion and $1.3 trillion respectively.