Content Ethereum

Ethereum Price vs. Trading Volume

Ethereum Burn Rate
17
18
19
NFTs
NFT Trading Volume across Top 12 Chains
NFT Marketplaces Trading Volume
33
34
35
Transactions of Broader EVM Ecosystem 20 NFT Lending 36

Market Landscape 2 US Spot Ethereum ETFs Daily Net Flows 21

Total Market Cap & Spot Market Overview 3

Milestones in the Real-World Assets Sector 22
Exchanges 37
Crypto Dominance 4 Solana 24 Top 10 CEXes Trading Volume 38

Cryptocurrency Price Returns 5 Top 10 DEXes Trading Volume 39

Solana Price vs. Trading Volume 25
Top 20 Stablecoins Overview 6 DEXes Trading Volume Breakdown by Chain 40
The Fall of Memecoins and [Link] 26
Crypto Market Cap & Bitcoin vs. S&P500 7 Top 10 Perp CEXes Trading Volume 41
Top 10 Perp CEXes Open Interest 42
This Quarter’s Trending Categories 8
DeFi 27
Notable Events 9 Top 10 Perp DEXes Trading Volume 43
DeFi Overview 28
Top 10 Perp DEXes Open Interest 44
Multchain DeFi TVL Market Share 29
Bitcoin 10 DeFi Ecosystem Overview 30
Bitcoin Price vs. Trading Volume 11 Cross-Chain Bridge Liquidity 31
Bitcoin Mining Hash Rate 12
Bitcoin vs. Major Asset Classes 13
US Spot Bitcoin ETFs Daily Net Flows 14
Influence of President Trump on Bitcoin 15

Zhong Shaun Win Win Weng Dee

2025 Q1 Crypto Industry Report
© 2025 CoinGecko
Head of Research Market Analyst Market Analyst Market Analyst 1
Market
Landscape

2025 Q1 Crypto Industry Report

© 2025 CoinGecko
Total Crypto Market Cap
& Spot Market Overview Market Cap T otal Vo lu me T raded T otal M arket Ca p
Trading Volume

$4.5T $600B
Total market cap declined by -$633.5B
(-18.6%) in 2025 Q1; it formed a YTD top just $4.0T
before Trump’s inauguration, then trended $500B
down for the rest of Q1 $3.5T

$3.4T
$3.0T $400B
Total market cap saw a loss of -$633.5B, or -18.6% in 2025 Q1.
It posted a YTD high of $3.8T on Jan 18, two days before $2.8T
$2.5T
Trump’s inauguration, before trending down to end Q1 at $2.8T.
$300B

$2.0T

Average daily trading volume in Q1 stood at $146.0B, a -27.3%

decrease QoQ. $1. 5T $200B

$1. 0T
Within the Top 30 cryptos by market cap, notable movers
include LEO which jumped from #24 to #13, and USDS from #28 $100B

to #17. DeFi tokens HYPE and UNI took a hit, dropping from #20 $0.5T
to #27 and #23 to #30, respectively.
Q1 entrants to the Top 30 include OM (#22), PI (#26), WBT (#28) $0.0T $0B
and XMR (#29), replacing APT, PEPE, ICP and NEAR. Oct-24 No v-24 Dec-2 4 Jan-2 5 Feb -25 Mar-2 5

2025 Q1 Crypto Industry Report Source: CoinGecko

© 2025 CoinGecko 3
 Crypto Dominance Bitcoin dominance climbed by 4.6 p.p. to 59.1% amidst the
downturn in Q1 which hit altcoins harder; Stablecoins
USDT, USDC, as well as large cap altcoins XRP and BNB
also managed to hang on to their market share
Market
Share

100%

90%
59.1% 7.9% 5.2%
+4.6 p.p. -3.9 p.p. +1.2 p.p.
80%

70% 4.4% 3.2% 2.3%

60%
+0.9 p.p. +0.2 p.p. -0.4 p.p.

50%
2.2% Others
15.7%
40% +0.9 p.p. -3.5 p.p.

30%

Despite the price of BTC trending down in 2025 Q1, its dominance continued
20%
to climb a whopping +4.6 p.p. to 59.1% - levels it has not seen since 2021 Q1.
Stablecoins USDT also benefited from the market downturn, climbing slightly
10%
to 5.2% market share. USDC also regained its #7 spot, replacing DOGE.

0% The largest losers were ETH and ‘Others’ as majority of altcoins were hit
Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25 harder than BTC. However, XRP and BNB managed to retain their market
BTC ETH USDT XRP BNB SOL USDC Others share.
With ETH’s decline to 7.9% in dominance, this marks its lowest share of
2025 Q1 Crypto Industry Report Source: CoinGecko market since late-2019.
© 2025 CoinGecko 4
 Cryptocurrency Top coins across all sectors saw significant losses in 2025
Q1, with only XRP (+0.5%) and Story Protocol’s IP (+152.0%)
Price Returns the only tokens which outperformed BTC

Among the Top 5 cryptos, ETH recorded the largest losses at -45.3%, followed by
SOL (-34.1%). XRP (+0.5%) managed to maintain the gains it saw in 2024 Q4,
outperforming BTC which fell -11.8%.

DeFi tokens saw significant losses across the board, with UNI seeing the largest loss
at -54.8% in 2025 Q1. This was followed by AAVE (-48.3%) and HYPE (-46.2%). The
HYPE token took a hit after the controversy surrounding Hyperliquid’s decision to
delist the JELLY token and settle its open futures contracts at an arbitrary price
after it was the target of market manipulation.
ENA broke into the Top 5 DeFi tokens in 2024 Q4 but fell back out this quarter,
replaced by ONDO (-42.3%).

After the launch and promotion of $LIBRA marked the top (so far) of the memecoin
mania, the Top 5 meme tokens ended Q1 with significant losses of over 40%-60%.
TRUMP saw the largest decline at -65.3%, followed closely by PEPE (-63.9%) and
BONK (-63.2%). PENGU, which broke into the Top 5 last quarter, had fallen back out.
It is worth noting that larger cap memecoins like DOGE and SHIB saw losses on par
with, or even less than established DeFi tokens like UNI, AAVE and ONDO.

AI tokens were also battered, with similar drawdowns across the board for NEAR (-
48.8%), ICP (-46.1%), TAO (-49.2%), and RENDER (-49.8%). The exception was Story
Protocols’ newly launched IP token (+152.0%), which was the sole gainer across the
top tokens of observed sectors.

2025 Q1 Crypto Industry Report Source: CoinGecko

© 2025 CoinGecko Note: *Price of TRUMP starting from Jan 18; **Price of IP starting from Feb 12 5
Top 20 Stablecoins USDT: 64% USDe: 2%
Overview Market Cap

$250B
USDT: 68% USDS: 3%
USDC: 27%
USDS: 4%
FDUSD: 1%
Others: 3%
USDC: 22% FDUSD: 1%
USDe: 3% Others: 3% $226.1B
Stablecoin market cap climbed by +$24.5B in
$201.3B
2025 Q1, ending the quarter at a new all-time $200B
high of $226.1B amidst market downturn;
USDS overtook USDe at #3 this quarter
$15 0B

The growth in stablecoin market cap can mainly be attributed

to USDC, which added +$16.1B to its market cap, followed by
USDT (+$6.4B) and USDS (+$2.7B).
$100B

Notably, USDS (previously DAI) overtook Ethena’s USDe at #3

as it climbed by +50.8%, marking the largest period of growth $50B
after a long-term downtrend since 2022.

Outside the Top 5 stablecoins, HONEY (+312.0%) entered at #9 $0B

Oct-24 No v-24 Dec-2 4 Jan-2 5 Feb -25 Mar-2 5
with $512.9M market cap by end-Q1. Notable gainers include
PYUSD (+$254.7M, +51.1%), USR (+$163.3M , +51.9%), RLUSD USDT USDC USDS USDE FDU SD Ot hers
(+$171.3M, +237.0%) and USDG (+$159.2M, +533.3%).
Meanwhile, FRAX shrunk by -$298.0M (-46.1%), and USDD saw
-$490.4M (-64.9%) in losses. $143.9B $60.1B $8.0B $5.3B $2.6B
+$6.4B +$16.1B +$2.7B -$0.6B +$0.4B

2025 Q1 Crypto Industry Report Source: CoinGecko

© 2025 CoinGecko 6
 Total Crypto Market Cap Bitcoin, total crypto market cap, and the S&P500 remained
highly correlated during the downturn in 2025 Q1, as both
& Bitcoin vs. S&P 500 asset classes dipped due to macroeconomic factors

Market Cap Bitco in Market Ca p Total Market Cap S&P 500 S&P 500 Despite BTC faring better than altcoins,
it remained almost perfectly correlated
$4.5T 62 00
to total crypto market cap at 0.97, and
highly correlated to the S&P500 at 0.85.
$4.0T 6100

6000
$3 .5T
Correlation between the overall crypto
5900 market and the S&P500 however
$3 .0T dropped from 0.84 in 2024 Q4 to 0.77
5800 this quarter, though this still reflects
$2 .5T high correlation as both asset classes
5700 generally trended down in Q1.
$2 .0T
5600

$1.5 T Total crypto market cap saw a loss of -

5500 18.6%, compared to the S&P 500 which
$1.0T
dropped by -4.4%. However, annualized
5400 Q1 volatility for total crypto market cap
stood at 56.3%, 3.4x higher than the S&P
$0.5T 5300 500 at 16.5%.

$0.0T 5200
Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25

2025 Q1 Crypto Industry Report Source: CoinGecko

© 2025 CoinGecko 7
 This Quarter’s AI and Meme Coins were the main crypto narratives in
2025 Q1, accounting for 62.8% of investor interest; Made
Trending Categories in USA tokens showed a sharp rise in interest

Me me Coins 16.5%

Artificial Intelligence 14.4% Of the top 20 crypto narratives of 2025

AI Agents 10.1% Q1, six were meme categories, while five
were AI-related.
Mad e in USA 9.5%

Solan a Meme Co in s 6.0%

The most popular crypto narratives in
Real Wo rld Assets 6.0%
2025 Q1 were related to AI, which
Solan a Ecosystem 5.3% captured a combined total of 35.7% of
DeFAI 5.0% global investor interest. It managed to
Layer 1 3.0% overtake the meme coin narrative, which
settled for second with a 27.1% share.
AI Meme C oins 2.9%

World Liberty Financial Portfolio 2.4%

Virtuals E cosystem 2.3% Notably, Made in USA held a share of

Ethereum Eco syste m 2.2%
9.5%, with interest rising sharply after
Donald Trump signed the executive
DeFi 2.2%
order for his working group to study the
Base E cosystem 2.1%
establishment of a Digital Asset
Smart Contract Platforms 2.0% Stockpile.
AI Agent Launchp ad 1.8%

Sui E cosystem 1.8%

4 out of the 212 blockchain ecosystems,
DeSci 1.7%
i.e. Solana, Base, Ethereum, and Sui
Base M eme Coins 1.6% made it into the top 20 crypto narratives
AI Framework 1.5% in Q1. Solana and Base remained the
most popular blockchains.

2025 Q1 Crypto Industry Report Source: CoinGecko

© 2025 CoinGecko 8
 Notable Events

Jan 7 20 21 22 24 27 Feb 3 6 7
24h DEX Volume on Trump launches Pro-crypto Mark Silk road founder Phemex exchange Pudgy Penguin- Uniswap v4 went Berachain mainnet Ondo Finance
Solana exceeded $TRUMP memecoin Uyeda named Ross Ulbricht hacked for $69.1M; affiliated Abstract live went live; announces
$3.8B, surpassing acting SEC chair pardoned chain mainnet upcoming Layer-1,
Ethereum & Base Ledger co-founder launched Microstrategy Ondo Chain
combined David Balland rebranded to
kidnapped in ‘Strategy’
France

10 12 13 14 17 18 19 21 24
Tornado Cash Uniswap’s Layer-2 Tokenized IP OpenSea announced Indian authorities Hyperliquid EVM FTX repayments SEC dropped Bybit hacked for
developer Alexey Unichain went live platform Story OS2 open beta and seized $190M in mainnet launched began appeal against $1.4B, the largest
Pertsev released Protocol mainnet upcoming token crypto tied to court ruling which ever hack in crypto
from prison; went live $SEA; Bitconnect prevented it from to date
expanding
Arweave’s AO Argentinian securities laws to
mainnet went live president Javier include DeFi
Milei promoted
$LIBRA token on X

Mar 5 7 13 14 18 20 25 27 31
US Senate Trump signed Binance secures US stablecoin bull Ethena partnered SEC drops lawsuit WLFI unveiled Hyperliquid delists Arthur Hayes
overturned Crypto executive order to $2B investment GENIUS passed with Securitize to appeal against dollar-backed $JELLYJELLY pardoned
Tax Reporting Rule set up Strategic from MGX, Abu through US senate launch new L1 XRP; stablecoin USD1 futures contract
Bitcoin Reserve Dhabi’s sovereign banking committee Converge
and Digital Asset wealth fund with bipartisan Solana Futures ETF
Stockpile support began trading on
2025 Q1 Crypto Industry Report CME
© 2025 CoinGecko 9
Bitcoin
BTC

2025 Q1 Crypto Industry Report

© 2025 CoinGecko
Bitcoin Price & Trading Volume
BTC Price Vo lume Price Trading Volume
After rallying up to a new all-time-high after
Trump’s inauguration, BTC fell -11.8% in Q1 as $12 0,000 $3 50B

the broader markets retreated due to fear

and uncertainty around U.S. tariffs $3 00B
$100,000

$93,508
$2 50B

BTC rallied at the start of the year, reaching a marginally new $8 0,000 $82,514
ATH on Jan 22, 2025 at $106,182. This was two days after
Trump’s inauguration, which marked a YTD top for BTC, as it $2 00B

trended down to end Q1 with a -11.8% decline at $82,514.

$6 0,000

$150B

Average daily trading volume stood at $46.2B, a -26.2% decline

QoQ. The spike in volume seen on Feb 28 coincided with a $40,000
broader market sell-off around the time, with the primary cited $100B
reason being growing fears around the implementation of U.S.
tariffs.
$2 0,000
$5 0B

Though the price of BTC rebounded shortly after Trump posted

about the Strategic Crypto Reserve on March 3, BTC gave back $0 $0B
its gains and made a new quarterly low after. Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25

2025 Q1 Crypto Industry Report Source: CoinGecko

© 2025 CoinGecko 11
Bitcoin Mining Hashrate
Hashrate TH/s
Another quarter, another all-time-high for 1100M
bitcoin mining hashrate, which continued
ATH
climbing despite the falling price of BTC 989M TH/s
1000M
Despite the price of BTC falling, mining hashrate continued to
climb in Q1, with a QoQ change of +9.5%. Another hashrate all-
time-high was posted at 989M TH/s on Feb 1, along with an 900M
ATH difficulty of 114.2T on Feb 10.

Several notable developments within the mining industry: 800M

• Hut 8 and Eric Trump launched American Bitcoin, a company

837M
focused solely on industrial-scale mining and development
TH/s
of a strategic Bitcoin reserve, 700M

• Canaan launched Avalon Mini 3 and Nano 3S, ASICs that 764M
TH/s
also double as home-heating devices,
600M
• Miners continue diversifying into AI and HPC: Riot diverts
600 MW of capacity from BTC mining to AI and HPC use-
cases; IREN pauses expansion of BTC mining to focus on AI
500M
cloud service business; Crusoe Energy sells its BTC mining
business to NYDIG to focus on AI infrastructure.
• Companies continuing to invest in mining – Bitdeer acquires
400M
Alberta gas power project to develop 99MW mine; Compass Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25
launches 20MW North Dakota facility; Genesis Digital
Assets adds 50MW capacity across two West Texas sites.

2025 Q1 Crypto Industry Report Source: [Link]

© 2025 CoinGecko 12
 Bitcoin vs. Major Asset Gold (+18.0%) emerged as the strongest asset class amidst
significant market uncertainty in 2025 Q1, while risk
Classes Price Returns assets like BTC (-11.8%) and the NASDAQ (-10.3%) suffered
Price Return

20.0%
!"!#ABCADE) G+I !"!JABJADE) G+I
.L0 NC!O JPO
QRSA#"" NJO TO
15.0% U9Q:9B NC"O PO
0DX:YA=>? N!O TO

10.0%
@=?: CPO N!O
L?LAAL+EBCG+[Link] JO NCCO
:eIAAXQA:EJJB+A>IFEKd N#O LO
5.0%
MSI #O NPO
YXD #O NNO
0.0% @.S TO NJO
0UI CO N#O

-5.0%
In tandem with Gold, US Treasuries also saw returns spike to
+4.0%, indicating a flight to safety for market participants.
-10.0%

Unsurprisingly, risk assets like BTC saw the largest decline,

-15.0% falling -11.8%, followed by the NASDAQ (-10.3%). The S&P 500
fared better with a -4.4% decline.

-20.0%
Jan-2 5 Feb- 25 Mar-25 The DXY, usually inversely correlated to risk assets, fell -4.6%,
BTC NA SDAQ CRUDE OIL GOLD TLT DXY JPY EUR potentially due to uncertainty over U.S. tariffs. The JPY (+5.2%)
and EUR (+4.5%) strengthened against the USD, the former at
least partially due to further unwinding of the Yen carry trade
as the BOJ raised interest rates in January.

2025 Q1 Crypto Industry Report Source: Goodgle Finance; CoinGecko

© 2025 CoinGecko 13
 US Spot Bitcoin ETFs Since the turn of the year, US Spot BTC ETFs experienced
net inflows of $1.0B; despite this, total AUM actually fell to
Daily Net Flows $98.7B (-$8.9B) due to BTC’s price decline

US Spot Bitcoin ETFs Daily Net Flows (2024 Q4 – 2025 Q1) Total AUM (March 31, 2025)

$1,5 00M

$46.5B $23.2B
$1,000M -8.5% -2.5%

GBTC
$5 00M $15.8B $4.1B
-17.3% -6.8%
$0M
BTC
$3.3B Others
$5.7B
-$500M -5.7% -22.5%

-$1,000M
Amongst all ETFs, only BlackRock’s IBIT (+$2.7B), Grayscale’s
BTC (+$282.6M), ArkInvest’s ARKB (+$160.4M), and VanEck’s
HODL (+$58.9M) saw net inflows in 2025 Q1. Grayscale’s GBTC
-$1,500M saw the largest net outflow of $1.0B this quarter.
Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25

IBIT has maintained its lead with 47.1% of market share in terms
IBIT FBTC BITB ARKB BTCO EZBC
of AUM. It also owns ~70% of all trading volume in 2025 Q1, an
BRRR HODL BTCW GBTC BTC Total Ne t Flows increase since the end of 2024.

2025 Q1 Crypto Industry Report Source: Farside Investors; The Block

© 2025 CoinGecko 14
 Influence of President While Trump was responsible for BTC and crypto market’s
run-up to a new ATH in January, his trade policies were
Trump on Bitcoin also largely responsible for the subsequent dump

Price of Bitcoin and the Influence of Trump’s Policies since Inauguration (January 1 – April 10, 2025)

$110,000 Trump signs EO on Digital

Trump launches
Assets, creates working group
$TRUMP memecoin
Trump orders
prior to inauguration
advisors to study
$105,000
reciprocal tariffs Trump posts about
Strategic Bitcoin Reserve
$100,000
before signing EO
After Atlanta Fed’s Q1 GDP
forecast turns negative,
$9 5,000 Trump declines to rule out
recession and warns of
”period of transition” Trump pauses
$9 0,000
Trump pardons reciprocal tariffs
Congress Ross Ulbricht Trump announces
certifies Trump’s tariffs on Canada,
election win Mexico and China
$8 5,000

Stock market crashes as

Walmart warns of
$8 0,000 slowdown in consumer
spending due to higher Stock market sells off due
inflation and interest rates to hot inflation data and
$75 ,000
fears of Trump’s impending Trump announces
reciprocal tariffs reciprocal tariffs

$70,000
01-Jan 08 -Jan 15-Jan 22 -Jan 29 -Jan 05 -Feb 12-Fe b 19-F eb 26 -Feb 05 -Mar 12-M ar 19-M ar 26 -Mar 02 -Apr 09 -Apr

2025 Q1 Crypto Industry Report Source: CoinGecko Research

© 2025 CoinGecko 15
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Ethereum
ETH

2025 Q1 Crypto Industry Report

© 2025 CoinGecko
Ethereum Price & Trading Volume

The price of ETH plummeted from $3,336 to ETH Price

Vo lume Price
Trading

$1,805 in 2025 Q1, erasing all of its gains from Volume

$4,500 $12 0B
2024
$4,000

$100B

$3 ,500
ETH closed 2025 Q1 at $1,805, representing a -45.3% decrease
within the quarter. It has erased its gains from 2024, returning $3,336
$3 ,000 $8 0B
to levels last seen in 2023. It has severely underperformed
majors such as BTC, SOL, XRP, and BNB, all of which declined
to a much lesser degree. $2 ,500

$6 0B

$2 ,000
Trading volume dropped in 2025 Q1, from a daily average of
$30.0B in 2024 Q4 to $24.4B in the latest quarter. Days in $1,5 00
$1,805
$40B
which volume spiked saw the price of ETH plummet.

$1,000

$2 0B
Average gas costs stood at 6.9 Gwei in 2025 Q1, down from
17.2 Gwei in 2024 Q4. The large drop in gas prices can be $5 00

attributed to the increased gas limit in February, leading to less

competition for gas. $0 $0B
Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25

2025 Q1 Crypto Industry Report Source: CoinGecko

© 2025 CoinGecko 18
 Ethereum Burn Rate ETH supply inflated by 185.0K in 2025 Q1; it was only
deflationary for 3 days in the entire quarter

ETH Burn vs. Emission Rate (2024 Q4 – 2025 Q1) Top ETH Burners (2025 Q1)

3.4K ETH 3.2K ETH

6,000 Burned Emissio ns

ETH Transfers Uniswap

5,000

2.5K ETH 1.2K ETH

4,000
USDT USDC

3,000
1.2K ETH Others
795 ETH
0x Protocol MetaMask

2,000

In 2025 Q1, 47.2k ETH were burned versus 232.2k ETH emitted.
Overall, the Ethereum network inflated by 185.0k ETH. On
1,000 average, 524 ETH were burned on a daily basis.

ETH Transfers was the largest burner of ETH in Q1, burning 3.4k
ETH, and overtaking Uniswap.
0
Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25
Trading bots saw a decline in ETH burned, as trading activities
slumped in the bear market. Maestro and Banana Gun dropping
out of the top 6 burners.
2025 Q1 Crypto Industry Report Source: Dune Analytics
© 2025 CoinGecko 19
 Transaction Count of Base continues to lead in terms of number of transactions,
accounting for 26.0% of all transactions within the EVM
broader EVM Ecosystem ecosystem

Transaction
Count
Transaction count of the broader EVM
40.0M ecosystem climbed throughout 2025 Q1,
with the top 14 chains reaching 33.0M
35.0M
daily transactions on average.

30.0M Transactions were mainly driven by

Base, which had a daily average of 8.6M
in Q1. This represents an increase of
25.0M
18.6% from Q4, when it had a daily
average of 7.2M. In comparison,
20.0M Ethereum mainnet processed ~1.2M
daily transactions in Q1.
15.0M

Tron was the second largest driver, with

10.0M a daily average of 7.7M. Notably, 26.4%
of all transactions performed on Tron
were USDT transfers.
5.0M

Newcomers such as Bera, Abstract, and

0.0M
Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25 Sonic, managed to capture a fair share
of transactions, ranking #7, #9, and #11
Base Tron BSC Polygo n Taiko Arbitrum Bera Optimism Sonic Blast Abstract Avalanc he Mantle Unic hain
respectively.

2025 Q1 Crypto Industry Report Source: Etherscan

© 2025 CoinGecko 20
 US Spot Ethereum After $3.2B of net inflows in 2024 Q4, US Spot ETH ETFs
experienced -$227.6M in net outflows in 2025 Q1; total
ETFs Daily Net Flows AUM declined by close to 50% to $5.4B

US Spot Ethereum ETFs Daily Net Flows (2024 Q4 – 2025 Q1) Total AUM (March 31, 2025)

$5 00M
ETHE
$2.2B $2.2B
$400M -54.5% -41.0%

$3 00M
$727.5M $174.6M
-55.4% -51.9%
$2 00M

$100M $84.7M Others

$43.7M
-44.3% -48.8%
$0M

Only BlackRock’s ETHA (+$548.4M), VanEck’s ETHV (+$7.7M),

-$100M Invesco’s QETH (+$1.6M), and 21Shares’ CETH (+$1.4M) saw net
inflows in 2025 Q1. Grayscale’s ETHE (-$526.5M), Fidelity’s
FETH (-$146.8M) and WisdomTree’s ETHW (-$80.7M) saw the
-$200M largest outflows.
Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25

All ETFs saw 40 – 50% declines in AUM this quarter. At end-Q1,

ETHA FETH ETHW CETH ETHV QE TH EZET ETHE ETH Total Ne t Flows
ETHE and ETHA share the lead, each with ~40% in AUM share.

2025 Q1 Crypto Industry Report Source: Farside Investors; The Block

© 2025 CoinGecko 21
 Milestones in the Real-World Assets (RWA) Sector

January 9 30 February 6 6 13
MANTRA partnered with Dubai- Apollo Global Management Ondo Finance unveiled the 'Ondo Ondo Chain launched a China Asset Management Hong
based developer DAMAC Group launched a tokenized private GM' tokenization platform, dedicated Layer-1 blockchain Kong (ChinaAMC HK) partnered
in a $1B deal to tokenize real credit fund, partnering with aiming to bridge traditional designed for institutional with Standard Chartered to issue
estate, hospitality, and data Securitize. financial assets with DeFi. The financial markets and to support one of Asia’s first tokenized
center assets in the Middle East. platform focuses on tokenizing the lifecycle management of money market funds.
assets like stocks, bonds, and RWA assets.
ETFs.

25 March 15 17 19 23
Mavryk Dynamic raised $5.2M to BlackRock USD Institutional Ethena and Securitize launched TVL in RWA protocols hits $10B Fidelity Investments filed
develop a Layer-1 network for Digital Liquidity Fund (BUIDL) Converge, a new EVM chain for according to DeFiLlama. paperwork for a tokenized
RWA asset ownership and DeFi. reaches $1 billion in Total Value tokenized assets. version of its US dollar money
The team aims to simplify Locked (TVL). It started 2025 market fund, joining BlackRock
tokenization and DeFi with $500M in TVL. and Franklin Templeton. Pending
integration. regulatory approval, it is set to
become active on May 30.

25 25 25 28
China Pacific Insurance (CPIC) BlackRock expanded its Donald Trump’s World Liberty Tokenized gold products such as
Investment Management blockchain-based money market Financial announced a dollar- Tether Gold (XAUT) and Paxos
launched a tokenized US dollar fund, BUIDL to Solana. pegged stablecoin called USD1, Gold (PAXG) hit a combined
money market fund on HashKey which will be backed by US market cap of $1.4B, as investors
Chain, having secured $100M in Treasuries, dollars, and other flocked to safe havens due to
subscriptions from investors. cash equivalents. fears of tariffs.

2025 Q1 Crypto Industry Report Source: CoinGecko Research

© 2025 CoinGecko 22
 What's New?
Buy/Sell chart marker Bubblemaps chart
Visualize wallet swaps on Uncover token distributions
Introducing the New price charts and wallet connections. Now
on mobile app!

GeckoTerminal App
Discover the trending on-chain tokens,
view interactive charts, and set real-time
price alerts.

221 1,500+ 6M+ 8M+

Blockchains DEXs Tokens Pools
Solana
SOL

2025 Q1 Crypto Industry Report

© 2025 CoinGecko
Solana Price vs. Trading Volume

The launch of $TRUMP pushed SOL to

a new ATH of $293, but it has since
SOL Price Trading
Volume Price Volume

declined by >57.3% $3 00
ATH
$3 0B

$293

$2 50 $2 5B
While Solana was off to a slow start in 2025, the sudden and
unexpected launch of Trump’s official memecoin sparked a
frenzy of inflows into the network, resulting in a surge in $2 00 $2 0B
demand for SOL.
$189
In the days following the launch of the TRUMP memecoin,
$150 $15B
SOL leapt by 38.9% from $211 to a new all-time high of $293,
as trading volumes for SOL spiked by 292% to a peak of
$28B. $125
$100 $10B

However, the network’s popularity quickly deteriorated after

the launch of MELANIA and Trump’s inauguration, causing
SOL to fully retrace its run-up and fall even lower to a yearly $5 0 $5 B
low of $115 in early March, but managed to rebound to $125
at end-March 2025.
$0 $0B
Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25

2025 Q1 Crypto Industry Report Source: CoinGecko

© 2025 CoinGecko 25
 The Fall of Memecoins Following the aftermath of the $LIBRA fiasco, meme coins
fell off a cliff, as daily new token launches and graduations
and [Link] on [Link] also collapsed

Number of Memecoins Deployed and Graduated on [Link] (2024 Q4 -2025 Q1)

No. of Dep loyed toke ns % of Tokens G ra duat ed

% of Prior to Trump’s inauguration, the
Tokens Tokens sudden launch of his official meme coin,
80,000 2.00% and $MELANIA shortly after, drove a
MELANIA wave of meme coin frenzy, and
CHILLGUY TRUMP Launch 1.80% propelled the number of tokens
70,000 Launch Launch deployed on [Link] to a new daily
ATH of 72K.
1.60%
60,000

LIBRA 1.40% However, the ‘political memecoin’ trend

Launch came to a grinding halt with the launch
50,000
1.20% of $LIBRA, which was promoted by
PNUT & ZEREBRO Argentinian president Javier Milei. The
40,000 Launch 1.00% token price collapsed as soon as he
tweeted about it, as the developers
0.80%
rugpulled, causing the market cap to fall
30,000 from a peak of $4.6B to $221M in a
matter of hours.
0.60%
20,000
0.40%
Since the incident, activity on [Link]
10, 000
has dropped significantly, as daily
0.20% tokens deployed has fallen by over
56.3% from its peak in January to 31K at
0 0.00% the end of 2025 Q1. The percentage of
Oct-24 No v-24 Dec-2 4 Jan-2 5 Feb -25 Mar-2 5
‘graduated’ tokens also fell drastically to
0.7%, compared to 1.4% in 2025 January.
2025 Q1 Crypto Industry Report Source: Dune Analytics
© 2025 CoinGecko *TRUMP, MELANIA & LIBRA were not deployed through [Link] 26
DeFi

2025 Q1 Crypto Industry Report

© 2025 CoinGecko
DeFi Overview
Total DeFi Market Cap and DeFi Share of Overall Market (2024 Q4 – 2025 Q1)
Total DeFi market cap tumbled by 19.3%, % of
retained its share of the overall market as Market Cap T otal De Fi Market Cap DeF i Share o f M arket ( DeF i/G lo bal M arke t Cap ) Market

institutions pay more attention $16 0B 5.00%

$140B
$119B 4.50%

Total DeFi market cap fell from $119B at the start of the year to $12 0B
$96B by the end of March, as initial excitement around Trump’s
‘pro-crypto’ administration faded away into fears of a full- 4.00%
$100B
$96B
blown trade war.

3.46%
$80B 3. 50%
While BTC gradually slipped below $100K after reaching a new
3.49%
ATH of $108K in January, ETH’s underperformance relative to
$60B
other major cryptos caused the DeFi market cap to plunge by
3. 00%
~$20B, affecting the price performance of related subsectors
such as liquid staking and restaking (see Slide 24). $40B

2.5 0%
$20B
DeFi actually managed to retain its share of the overall market
at 3.5% by the end of 2025 Q1, due to renewed attention on
stablecoins and RWA. $0B 2.00%
Oct-24 No v-24 Dec-2 4 Jan-2 5 Feb -25 Mar-2 5

2025 Q1 Crypto Industry Report Source: CoinGecko

© 2025 CoinGecko 28
 Multichain DeFi TVL $48.9B was erased from total multichain DeFi TVL in 2025
Q1, a -27.5% decrease as DeFi TVL across all major
Market Share networks retreat

Multichain Total Value Locked (TVL) Breakdown (Oct 2024 – Mar 2025) Multichain DeFi TVL trended downwards
in 2025 Q1, from $177.4B at end-2024 to
TVL $128.6B at the end of March 2025.,
largely due to significant depreciation in
$210B
$177.4B value of altcoins.

$18 0B
Ethereum’s TVL share plummeted as
sentiment on ETH faltered, falling from
63.5% at the start of 2025 to 56.6% at
$15 0B
$128.6B the end of 2025 Q1. Ethereum mainnet
lost 35.4% of its TVL in 2025 Q1,
plunging from $112.6B to $72.7B.
$12 0B

$90B
Solana and Base also saw large
decreases in TVL, falling by 23.5% and
15.3%, respectively, but mostly due to
Ethereum: 63.5% Arbitrum: 1.7% Ethereum: 56.6% Base: 2.3% large price drops in SOL and ETH.
$60B
Solana: 9.5% Sui: 1.3% Solana: 10.0% Arbitrum: 1.9% Despite that, both networks have
Tron: 4.1% Avalanche: 1.0% BSC: 4.7% Sui: 1.3% slightly increased their TVL dominance.
BSC: 3.8% Berachain: 0.0%* Bitcoin: 4.2% Avalanche: 1.0%
$30B
Bitcoin: 3.6% Others: 9.6% Berachain: 4.0% Others: 10.4%
Base: 2.0% Tron: 3.6% Berachain, launched on February 6,
$0B quickly grew to $5.2B in DeFi TVL by the
Oct-24 No v-24 Dec-2 4 Jan-2 5 Feb -25 Mar-2 5 end of 2025 Q1, and now has the 6th
Et hereu m Solana BSC Bitcoin Berachain T ro n Base Arbitrum Sui Avalanch e Ot hers largest TVL share. Its Boyco pre-deposit
vaults alone attracted ~$2.3B in funds,
boosting its day-one liquidity.
2025 Q1 Crypto Industry Report Source: DeFiLlama
© 2025 CoinGecko *Berachain was launched on February 6, 2025 29
**RWA and redeposits are not included in multi-chain TVL.
 DeFi Ecosystem Most DeFi categories suffered significant outflows or
depreciation in protocol deposits this quarter, with liquid
Overview staking and restaking protocols taking the largest blows

Total Value Locked of Each DeFi Category (2025 Q1)

Farm
$1.51B

Liquid staking and restaking sectors were among the top losers as ETH resumed its
downtrend in 2025 Q1, erasing $32B from their cumulative TVL.

Derivatives The introduction of new stablecoins and tokenized products from institutions proved to be a
$3.31B second wind for the RWA sector, outperforming other segments with a $1B (+12.7%) increase
in TVL, while CDP protocols such as Sky and Avalon also benefitted with a 9.5% boost.

Yield-farming protocols continue to fall out of favor, losing half its TVL as more crypto users
are shifting towards a more defensive approach.
2025 Q1 Crypto Industry Report Source: DeFiLlama
© 2025 CoinGecko 30
 Cross-Chain Bridge Asset value across top bridges saw a relatively minor 6.6%
decline compared to the overall market, supported by an
Liquidity influx of liquidity from new chain integrations

Top 12 Bridges with Highest Liquidity ( as at Mar 31, 2025)

While top 12-bridge TVL fell by 6.6% from $35.3B at the beginning of
Segment 2025 Q1 2024 Q4 QoQ % Change January 2025 to $33.0B at end-March 2025, most Bitcoin restaking bridges
have retained their position among the top 12 cross-chain protocols in Q1.
WBTC $10.6B $12.3B 13.8%

Binance Bitcoin $5.6B $6.3B 11.0% With Bitcoin’s 11.8% price drop in the past quarter, WBTC and JustCryptos
(which holds mostly BTC) saw net outflows, losing over $1.6B and $1.0B, in
Coinbase cbBTC $2.7B $1.7B 63.5% TVL respectively, However, not all Bitcoin bridges suffered the same fate as
Lombard received further inflows of $164M (+11.0%) while Coinbase’s cbBTC
Portal $2.5B increased significantly in TVL by 63.5% from $1.7B to $2.7B in 2025 Q1.
$4.2B 40.3%

JustCryptos $2.4B $3.4B 29.4% The Portal bridge was the top loser of the quarter, erasing its TVL by 40.3%
from $4.2B at the start of 2025 to $2.5B at the end of 2025 Q1. With the
Hyperliquid Bridge $2.0B $2.0B 2.2% recent pullback of AI tokens in Q1, most of the TVL was lost due to a 49.8%
plunge in the price of $RENDER, which made up over 40% of Portal’s
Lombard $1.7B $1.5B 11.0% liquidity.

SolvBTC $1.3B $1.3B 1.4%

On the other hand, Stargate’s TVL surged by over 2x from $425M to $1.3B in
Stargate $1.3B $425M 202.8% 2025 Q1, thanks to integrations with newly launched networks such as
Abstract, Berachain, Story Protocol and Sonic.
Function FBTC** $1.2B $1.3B 1.3%

USDT0* $971M $61M* 1,491.8% Tether’s new cross-chain stablecoin standard, USDT0, also recorded 14.9x
increase in liquidity since its initial launch on Kraken’s Ink L2 in January, and
Merlin’s Seal $737M $926M 20.4% has since expanded to Arbitrum, Plasma and the Optimism Superchain.

2025 Q1 Crypto Industry Report Source: CoinGecko, DeFiLlama

© 2025 CoinGecko *USDT0 was launched on January 16th 31
**Rebranded from Ignition to Function
2
NFTs

2025 Q1 Crypto Industry Report

© 2025 CoinGecko
NFT Trading Volume
across Top 12 Chains Trading
$2.2B $2.2B

Volume
$1.4B
NFT trading activity started backsliding in
2025, as trading volumes on ETH plunge,
while Ordinals steal the spotlight in March $1.2 B $85M

$1.0B
NFT trading volume fell by 38.2% from $1.3B in 2024 December
to $0.8B in 2025 March. Despite that, quarterly volumes have
remained steady at $2.2B.
$0.8B

Ethereum-based NFT were hit the hardest as trading volumes

on ETH nosedived by 85.2% from $888M at the end of 2024 to
$888M
just $132M at the end of 2025 Q1. $0.6B $132M

$59M
While CryptoPunks saw increased trading activity over the
past quarter, volumes for Pudgy Penguins, which spiked in $534M
$0.4B
December following the announcement of the PENGU token,
have declined significantly after the launch of the Abstract L2. $52M
$236M
$338M $547M

$0.2B
Bitcoin NFTs surpassed ETH NFT volumes in March, jumping by $128M
3.7x from just $116M in February to $547M. The rise was $212M $200M
$153M
primarily driven by a surge in demand for multiple Bitcoin $101M $116M
$0.0B
Ordinals mints on Magic Eden, such as Ordinal Maxi Biz on Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25
February 26 and the Idiots NFTs on March 5.
Bitco in Ethereum Mythos Immutable Solana BNB Chain Base Flow Blast Ronin Polygo n Arbitrum

2025 Q1 Crypto Industry Report Source: Dune Analytics (@hildobby, @domo, @ilemi) & Cryptoslam
*Wash trading filters are retroactively applied for Ethereum, Polygon, Arbitrum, Base & Ronin
© 2025 CoinGecko **Cardano has been excluded due to irregular trading behaviour 34
 NFT Marketplaces OpenSea and Blur volumes declined significantly as
Ethereum NFTs resume their downtrend; March madness
Trading Volume for BTC NFTs help Magic Eden zoom ahead

$1.7B $1.8B
Trading volume on ETH-based
Trading
Volume marketplaces predictably faltered, as
OpenSea and Blur volumes dropped by
$12 00M 75.9% and 91.7% respectively in the past
quarter, with both marketplaces losing a
cumulative total of $733M.
$1000M
Magic Eden cemented its position as the
the top Bitcoin NFT marketplace,
$800M recording a $404M rise in volume
(+562%) from $72M in December 2024
$592M to $476M at end-March 2025, due to a
$600M $49M temporary resurgence of Bitcoin NFT
$56M activity in early March, and despite a
$60M decline in Solana NFTs.
$361M
$400M
$72M $134M However, volumes on other BTC NFT
markets except Magin Eden and OKX,
$113M $54M
$476M
fell drastically in 2025 Q1.
$54M
$200M $250M
$91M
$70M $138M $189M

$40M $67M Despite the broader NFT market slump,

$72M
$0M
$56M $57M $67M $57M there were pockets of growth on
Oct-24 No v-24 Dec-2 4 Jan-2 5 Feb -25 Mar-2 5 Fantasy and SuperRare. Trading volume
Ma gic Ed en Op enSea OKX Blur Cryp toP unks Fan tasy T ensor Supe rRare X2Y2† MO OAR
on the art-based SuperRare
marketplace rose by $138K from the
start of 2025 to end-2025 Q1 due to
2025 Q1 Crypto Industry Report Source: Dune Analytics (@hildobby, @domo, @ilemi) increased sales and public mints.
*OpenSea volumes includes supported EVM networks; MagicEden volumes include Ethereum, Solana, and Bitcoin
© 2025 CoinGecko **Trading Volume is credited to the aggregator (Blur, OpenSea Pro) if the trade was aggregated 35
†X2Y2 announced the closure of its marketplace on Mar 31.
 NFT Lending Despite $307M in new loans issued in January, NFT
Lending volumes slumped by 13.4% QoQ from $515M in
2024 Q4 to $446M in 2025 Q1

Top 6 NFT Lending Platform Loan Volume (2024 Q4 – 2025 Q1) Loan Origination Volume on Blend (by Collection)

$400M
$515M $446M Bored Ape Yacht Club
5.3% Pudgy Penguins

$3 50M 25.8% Azuki

5.6%
Mutant Ape Yacht Club

7.9% DeGods
$3 00M
Milady
Wrapped Cryptopunks
$2 50M
12.6% Lil Pudgys
19.1%
Redacted R emi lio B abies
$2 00M
16.9% Doodles

Others
$150M $310M
$286M

$100M
While $307M worth of new NFT loans were issued in 2025 January,
monthly volumes have declined significantly since then, plunging by
86.1% from $336M in 2024 December to $47M in 2025 March.
$5 0M $95M
$80M Of the top NFT collections, loan volumes for Pudgy Penguins and Lil
$54M
$38M Pudgys continued to grow, rising by $183M (+14.1%) and $24M
$0M (+17.4%), respectively.
Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25

Blend NFTfi Arcade X2Y2 Zharta BendDAO Nirvana (pre v. [Link]) Q1 also saw a 150% increase in Doodle-backed loans, from $13.9M at
the end of 2024 to $34.6M at end-Q1, as the project announced the
upcoming launch of its DOOD memecoin earlier in February.
2025 Q1 Crypto Industry Report Source: Dune Analytics (@ahkek, @nftfi-team, @arcade_xyz, @picnicmou, @beetle)
*Loan volume includes repayments
© 2025 CoinGecko 36
Exchanges

2025 Q1 Crypto Industry Report

© 2025 CoinGecko
 Top 10 CEXes Trading volume on Top 10 CEXes declined by -16.3% QoQ
after a strong Q4 last year; Bybit saw volumes plummet
Trading Volume after its hack

$1.1T $2.5T $2.9T $2.2T $1.7T $1.4T Spot trading volume on Top 10 CEXes
Market
Share declined from $6.4T in 2024 Q4 to $5.4T
in 2025 Q1, a -16.3% decline.
100%

90% 5%
5% 5% 7%
7%
6% Binance’s market share climbed in 2025
6% 6% 7%
80% 6% 6% Q1, after declining throughout 2024. It
5% 6%
6% 7%
4% 7% 7% ended March with a 40.7% share.
70%
6%
9% 8% 6%
7% However, its trading volume plummeted
10%
7% 6% to $588.7B in March, after climbing
7% 7%
60% 12%
7% 7%
above the $1 trillion mark in December.
9%
10% 10%
50% 9% 6%
14%
11% 7%
40% 11%
12% 11% HTX was the only exchange to grow in
Q1, by +11.4%. Other Top 10 CEXes saw
30% volumes drop between 1.8% and 34.0%.
Upbit suffered the biggest drop, with
20% 40% 39% 37%
41% volumes plunging -34.0% from $561.9B
35% 36%
in 2024 Q4 to $371.0B in 2025 Q1.
10%

0%
Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25
Bybit had the largest MoM drop after its
hack in February. It fell by -52.4% MoM
Binance Crypto .com Bybit Coinbase Upbit [Link] OKX MEXC Bitget HTX
from $178.2B to $84.7B.

2025 Q1 Crypto Industry Report Source: CoinGecko

© 2025 CoinGecko 38
 Top 10 DEXes In contrast with Top 10 Spot CEXes, volume on Top 10 Spot
DEXes increased slightly by +6.2% QoQ, buoyed by more
Trading Volume activity on Solana DEXes in February

$128B $258B $273B $347B $209B $145B Top 10 DEXes recorded a total of
Market
Share $700.7B in trading volume in 2025 Q1, a
slight increase of +6.2% from $660.0B
100%
in 2024 Q4.
90%
14%
10%
80%
17%
8% Meteora was the largest gainer QoQ,
22% 16%
9%
growing +164.9% from $29.8B in 2024
14%
70% Q4 to $78.9B in 2025 Q1. It now
26%
12% 9% 9% occupies the sixth spot amongst the
60% 10%
10% Top 10 DEXes.
13% 9%
13% 11%
50% 9%
14%
12%
40% 10% 9%
9% Meanwhile, other Solana DEXes such as
12%
9% Orca and Raydium grew +26.3% and
30% +8.4% during the same period.
5%

20% 38% 38%

35% 36% 34%
26% Notably, Raydium came close to flipping
10%
Uniswap in January to take the top spot.
Uniswap recorded $88.9B vs. Raydium’s
0%
Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25 $88.6B. This was thanks in part to the
hype surrounding the $TRUMP meme
Uniswap PancakeSwap Aero drome Orca Raydium Meteo ra Curv e Maverick THORSwap Sunswap
coin.

2025 Q1 Crypto Industry Report Source: CoinGecko

© 2025 CoinGecko 39
 DEXes Trading Volume Continuing the trend from end-2024, Solana continued to
dominate DEX trades, hitting 52% dominance in January
Breakdown by Chain 2025; newcomers Sonic & Bera make their mark

$138B $269B $285B $358B $224B $159B Solana was the dominant chain for DEX
Market
Share trading in 2025 Q1, with its market
share hitting 39.6% for the quarter. It
100%
grew +35.3%, from $217.0B in Q4 to
90%
4% 3% $293.7B in Q1.
7% 3%
9% 7% 7%
10%
10%
80%
10% 11% 11% 13% 9% In January, Solana accounted for 52% of
11%
70% on-chain trades amongst the top 12
15% 14%
19%
13% blockchains. It recorded over $184.8B in
60% 13%
trading volume, an all-time high for the
chain. This caused Ethereum’s market
50%
share to drop below 20% for the first
52%
40%
31% 34% 32% 23% time.
29%

30%
However as the memecoin trend
20% receded, Ethereum managed to reclaim
30% the top spot in March, with a 30% vs
27% 24% 26%
10%
24%
19%
Solana’s 23% market share.

0%
Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25
Optimism and Polygon were edged out
Ethereum Solana Base Arbitrum BSC THORChain Tron Sui Avalanche Sonic Bera Optimism Polygo n of the top 10 in March by Sonic and
Berachain. However, over the entire
quarter, both chains stayed ahead.
2025 Q1 Crypto Industry Report Source: CoinGecko
© 2025 CoinGecko 40
 Top 10 Perp CEXes Trading volume on Top 10 Perp CEXes declined slightly by -
7.1% QoQ after a strong Q4 last year; MEXC posted strong
Trading Volume gains in market share this quarter to leapfrog into 3rd place

$4.2T $8.1T $8.9T $7.5T $6.2T $6.0T Trading volume on Top 10 Perp CEXes
Market
Share declined slightly from $21.2T in 2024 Q4
to $19.7T in 2025 Q1, a -7.1% decline.
100%
However this is still the strongest
90%
5% quarter compared to Q1 – Q3 of 2024.
5% 6%
14%
80% 14% 12% 12% 11% 12%
Binance’s market share continued to
70%
15% slide, now at 32.4% this quarter,
15% 14% 13% 12% 12%
continuing a trend since 2024 Q1.
60%
9%
6% 11% 13%
12% 16%
50%
While OKX consolidated its position at
16% 15%
40% 14%
14% 15% #2, Bybit has fallen one place to #4,
13%
likely due to effects from its hack end-
30% Feb. MEXC slipped ahead to #3 from #5
after strong volumes in February and
20% March relative to its competitors.
36% 36% 34% 33% 31% 33%

10%

0%
[Link] and Coinbase International also
Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25 captured more volume share, moving up
to #6 and #7 respectively.
Binance OKX MEXC Bybit Bitget [Link] Coinbase International Crypto .com BingX HTX

2025 Q1 Crypto Industry Report Source: CoinGecko

© 2025 CoinGecko 41
 Top 10 Perp CEXes OI on Top 10 Perp CEXes saw a largest dip compared to
volume, decreasing by -32.7%; However it did reach a new
Open Interest all-time high of $139.8B on Jan 18

Open
Interest
Binance: 27% OKX: 7% Binance: 26% MEXC: 6% OI on Top 10 Perp CEXes decreased
$16 0B
Bybit 17% HTX: 4% Bybit 17% HTX: 6% from $113.3B on Jan 1, 2025, to $76.3B
Bitget: 17% BingX: 3% Bitget: 17% BingX: 2% on Apr 1, 2025, a -32.7% reduction.
$140B
MEXC: 11% [Link]: 2% [Link]: 16% [Link]: 2%
[Link]: 7% Coinbase: <1% OKX: 8% Coinbase: <1%
The movements in OI were pretty much
$12 0B
in-line with overall market price
movements, as the euphoria in January
$100B quickly gave way to more risk-off
sentiment as market sentiment tumbled.

$8 0B

The OI share between the Top 10 Perp

$6 0B CEXes remained relatively unchanged.
The only big movers were [Link] and
$40B MEXC.

$2 0B
OI on [Link] has stayed pretty much
stable through out the quarter. It now
$0B has almost the same OI as Bybit and
Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25 Apr-25 Bitget. On the other hand, OI on MEXC
Binance Bybit Bitget [Link] OKX MEXC HTX BingX Crypto .com Coinbase International
decreased by -61.9% over the same
period.

2025 Q1 Crypto Industry Report Source: CoinGecko

© 2025 CoinGecko 42
 Top 10 Perp DEXes In contrast with Perp CEXes, Top 10 Perp DEXes recorded
another ATH quarter with volume totaling $799.1B; This is
Trading Volume higher than the volume for the entire year of 2023

$98B $196B $278B $297B $260B $242B Trading volume on Top 10 Perp DEXes
Market
Share grew from $572.6B in 2024 Q4 to
$799.2B in 2025 Q1, a +39.6% QoQ
100%
increase.
90% 5%
5% 6%
10% 5%
80% 11%
9% 5% Hyperliquid increased its dominance
5%
7% 5% over the rest of the Top 10 Perp DEXes,
70%
12%
7%
11% recording 68.8% of market share this
13%
11%
quarter with $549.8B in volume.
60% 7%
6%
50% It is now the 8th largest Perp exchange
18%
16% across both CEXes and DEXes.
40%
71% 73%
64%
30%
57% Perp DEX trading activity continues to
20%
diversify across multiple chains. New
37%
35% entrants to the Top 10 this quarter
10% include SynFutures on Base, APX
Finance on BNB Smart Chain, and
0% Paradex on its own Layer 2.
Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25

Hyperliquid Jupiter ApeX SynFuture s GMX dY dX Vertex APX Financ e Drift Protoco l Para dex

2025 Q1 Crypto Industry Report Source: CoinGecko

© 2025 CoinGecko 43
 Top 10 Perp DEXes OI on Top 10 Perp DEXes actually decreased by -21.1%
through out 2025 Q1, despite an increase in trading
Open Interest volume; Hyperliquid extends its OI share to 77%

Open
Interest
OI on Top 10 Perp DEXes decreased
$8 B
from $4.9B on Jan 1, 2025, to $3.8B on
Hyperliquid: 65% ApeX: 2% Hyperliquid: 77% APX Finance: 1%
Vertex: 1% SynFutures: 1% Apr 1, 2025, a -21.1% reduction. This is
Jupiter: 14% Jupiter: 7%
$7B dYdX: 7% SynFutures: 1% GMX: 4% Vertex: 1% more in line with what was observed on
GMX: 6% Paradex: <1% Drift: 4% ApeX: <1% Top 10 Perp CEXes as well this quarter.
Drift: 4% APX Finance: <1% dYdX: 4% Paradex: <1%
$6 B

The OI share rankings for Top 10 Perp

$5 B DEXes vary quite differently from its
trading volume ranking, as some DEXes
outperformed their OI. Only Hyperliquid
$4B
and Jupiter retained the #1 and #2 spot
across both Volume and OI.
$3 B

Hyperliquid extended its lead at the top,

$2 B
now with 76.5% of OI share as at April 1,
2025. This is broadly in line with its
$1B share of volume in March of 72.6%.

$0B
Oct -24 Nov- 24 Dec-2 4 Jan-2 5 Feb- 25 Mar-25 Apr-25 Amongst the Top 10 Perp DEXes, only
APX Finance, SynFutures, and Paradex
Hyperliquid Jupiter dY dX GMX Drift Protoco l ApeX Vertex APX Financ e SynFuture s Para dex
saw increases in OI this quarter.

2025 Q1 Crypto Industry Report Source: CoinGecko

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