Author:CoinGecko
Compiled by: Deep Tide TechFlow
Original link:
https://www.coingecko.com/research/publications/2025-annual-crypto-report
In the last quarter of 2025, the cryptocurrency market experienced a sharp correction, with its total market capitalization plummeting by 23.7% to close at $3 trillion. This marks the first annual decline for the crypto market since 2022, down 10.4% year-on-year. Although the quarter saw a new all-time high of $4.4 trillion, a historic $19 billion liquidation event in October triggered a significant price drop. Despite the price pullback, market volatility drove the average trading volume to an annual high of $161.8 billion, while the stablecoin market grew by 48.9% year-on-year, reaching a new all-time high of $311 billion.
This year, the crypto market showed signs of decoupling from traditional assets, with gold surging 62.6% and U.S. stock markets performing strongly, while Bitcoin fell 6.4%. However, institutional adoption deepened further, as Digital Asset Treasury Companies (DATCos) deployed 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 high of $86.2 trillion in annual perpetual contract trading volume on centralized exchanges. These data indicate that, even as prices fell, market infrastructure and utility continued to expand.
Our "2025 Annual Crypto Industry Report" comprehensively covers the crypto market landscape, in-depth analysis of Bitcoin and Ethereum, and explores the decentralized finance (DeFi) and non-fungible token (NFT) ecosystems, while also reviewing the performance of centralized exchanges (CEX) and decentralized exchanges (DEX).
Below are the key highlights from the report, but be sure to delve into the full 60-page content.
Seven Highlights from CoinGecko's "2025 Annual Crypto Industry Report"
- The total crypto market cap fell 10.4% in 2025, closing at $3 trillion
- Stablecoin market cap surged by $102.1 billion (+48.9%) in 2025, hitting a record high of $311 billion
- Gold performed strongly in 2025, rising 62.6%, while Bitcoin lagged, falling 6.4%; the U.S. 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 grew 302.7% in 2025, reaching $63.5 billion
- Centralized exchange perpetual contract trading volume grew 47.4% in 2025, reaching $86.2 trillion, a record high
- Decentralized exchange perpetual contract trading volume grew 346% in 2025, reaching $6.7 trillion, another record high
Crypto Total Market Cap Plunged 23.7% in Q4 2025 (Losing $946 Billion), Closing the Year at $3 Trillion
The total cryptocurrency market capitalization fell 23.7% in the fourth quarter, losing $946 billion, and closed the year at $3 trillion, down 10.4% year-on-year. This is the first annual decline for the crypto market since 2022.
The fourth quarter of 2025 started strong, with the total market cap reaching a new all-time high of $4.4 trillion. However, this peak was short-lived, as prices continued to fall through late November before entering a volatile range until year-end. The trigger for this decline was the historic $19 billion liquidation event on October 10, following the U.S. announcement of 100% tariffs on China.
Meanwhile, the average daily trading volume in the fourth quarter grew to $161.8 billion, an annual high, up 4.4% quarter-on-quarter. This increase was primarily driven by the liquidation event and subsequent high volatility. However, as the market entered a consolidation phase, trading volume gradually declined.
Stablecoin Market Cap Surged $102.1 Billion (+48.9%) in 2025, Hitting a Record $311 Billion
In the fourth quarter of 2025, the total stablecoin market cap grew by $6.3 billion, reaching a record high of $311 billion by the end of the quarter. For the full year, the stablecoin market grew 48.9% year-on-year, adding $102.1 billion.
The biggest change in the fourth quarter came from the Ethereum-based stablecoin Ethena's USDe, whose market cap plummeted 57.3% (losing $8.4 billion) after rapid deleveraging in mid-October. Due to a depegging event on Binance, USDe's supply dropped from a peak of nearly $15 billion to $6.3 billion, severely shaking investor confidence in high-yield circular strategies.
Meanwhile, PayPal's stablecoin PYUSD emerged strongly, with its market cap surging 48.4% (adding $1.2 billion) to $3.6 billion, becoming the fifth-largest stablecoin and displacing World Liberty Financial's USD1. Its growth was driven by YouTube's introduction of creator revenue payments and the approximately 4.25% yield offered by Spark Savings Vault.
Gold Leads 2025: Up 62.6%, Bitcoin Lags with 6.4% Drop, Dollar and Oil Also Weak
In 2025, gold was the standout performer, surging 62.6% for the year. In contrast, Bitcoin underperformed, falling 6.4%, mirroring the weak performance of the U.S. dollar and oil.
Gold performed exceptionally well in 2025, rising 62.6% for the year. In the fourth quarter alone, gold grew 11.4%, driven by continued central bank accumulation and tariff-related uncertainties. It was followed by U.S. stock markets, with the Nasdaq up 20.5% and the S&P 500 up 16.6%, buoyed by the ongoing AI narrative.
In contrast to the strong performance of commodities and stocks, Bitcoin (BTC) underperformed, falling 6.4% for the year. Assets that performed worse than Bitcoin included the U.S. Dollar Index (down 10.0%, due to rate cuts and political changes) and crude oil (down 21.5%, due to global oversupply and record production from non-OPEC countries).
Digital Asset Treasury Companies (DATCos) Invested at Least $49.7 Billion in 2025, with About 50% Concentrated in Q3
Digital Asset Treasury Companies (DATCos) became significant market participants in 2025, investing at least $49.7 billion in cryptocurrency purchases throughout the year. The third quarter was the peak for investments, accounting for half of the annual total, largely due to a wave of emerging altcoin DATCos.
However, the pace of investment slowed significantly in the fourth quarter, with only $5.8 billion deployed. The crypto market crash dragged down DATCo stock prices, causing many DATCos' adjusted net asset value (mNAV) to fall below 1.0. This forced them to allocate funds to share buybacks rather than continue accumulating cryptocurrency.
As of January 1, 2026, DATCos collectively held $134 billion in crypto assets, up 137.2% from $56.5 billion on January 1, 2025. DATCos now hold over 1 million Bitcoin and 6 million Ethereum, representing more than 5% of their total supplies.
Prediction Market Trading Volume Surged 302.7% in 2025, Reaching $63.5 Billion
In 2025, prediction markets experienced explosive growth, with trading volume surging 302.7% year-on-year to a record high of $63.5 billion.
The nominal trading volume of prediction markets skyrocketed from $15.8 billion in 2024 to $63.5 billion in 2025, a year-on-year increase of 302.7%.
At the beginning of 2025, Polymarket held an 85.6% market share in the first quarter but was overtaken by Kalshi in the fourth quarter. In Q4, Kalshi's market share reached 39.6%, while Polymarket ranked second with 32.4%. Meanwhile, Opinion, supported by Yzi Labs and built on BNB Chain, launched in November, becoming a strong challenger to existing markets. Opinion's trading volume reached $7 billion in December, on par with Kalshi, though current volume may be influenced by airdrop activities.
Centralized Exchange Perpetual Contract Trading Volume Grew 47.4% in 2025, Reaching $86.2 Trillion, a Record High
In the fourth quarter of 2025, the top ten centralized perpetual contract exchanges (Perp CEXes) recorded a trading volume of $21.2 trillion, down 12.0% from $24.0 trillion in the third quarter. The full-year trading volume reached $86.2 trillion, up 47.4% from 2024, setting a new record high.
October 2025 became the second-highest month for trading volume in history, after August, when Bitcoin set its latest all-time high. In contrast, December was the quietest month for trading in the year, with volume at just $5.3 trillion.
Throughout 2025, the market share of the top ten centralized perpetual contract exchanges remained relatively stable. The only significant change was MEXC's surge in trading volume in November and December, propelling it past OKX, Bybit, and Bitget to claim the second spot. Outside the top ten, KuCoin had a standout performance in 2025, becoming the only non-top-ten perpetual exchange to break $1 trillion in trading volume.
Decentralized Exchange Perpetual Contract Trading Volume Grew 346% in 2025, Reaching $6.7 Trillion, a Record High
Decentralized perpetual exchange (Perp DEX) trading volume grew 80.8% in Q4 2025, rising from $1.8 trillion in Q3 to $3.2 trillion in Q4.
In 2025, the full-year trading volume of the top ten decentralized perpetual exchanges reached $6.7 trillion, a massive 346% increase from $1.5 trillion in 2024. The ratio of Perp DEX to centralized perpetual exchange (CEX) trading volume jumped from 2.5% a year ago to 7.8%.
The growth in trading volume was primarily driven by incentives and airdrop campaigns offered by exchanges like Lighter, Aster, edgeX, GRVT, and Paradex. Hyperliquid remained the most active perpetual DEX overall in 2025 but was overtaken by Lighter in the fourth quarter. Hyperliquid and Lighter now rank among the top ten perpetual exchanges by annual trading volume, recording $2.9 trillion and $1.3 trillion, respectively.
