25 Charts That Defined 2025
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25 Charts That Defined 2025
The crypto industry in 2025 wasn’t defined by narratives—it was defined by liquidity, structure, and adoption.
Beneath the noise of memes, politics, and volatility, the market delivered clear signals about where capital flowed, where fundamentals diverged from price, and which sectors quietly hit escape velocity.
In this edition, we break down the 25 charts that defined the year, capturing the forces that shaped crypto’s most complex year yet. Some well known, others overlooked.
Happy holidays from the Re7 team!
Global Crypto Market Cap
What is it? Global crypto market capitalisation in dollars.
What does it show? The year played out in three phases: a ~30% decline in the first four months during the Tariff Tantrum, a summer rebound to new all-time highs (~$4.3T), and a second correction of similar magnitude.
Global MCAP vs. liquidity
What is it? Global crypto market capitalisation and NASDAQ vs. Global net liquidity (11 week lead).
What does it show? Both crypto and NASDAQ continued to follow global net liquidity the largest liquidation event ever recorded ($20B+ on the 10th October), set crypto on a divergent path. The subsequent withdrawal of market makers meant market sellers were offloading in an increasingly illiquid market.
BTC Volatility
What is it? Deribit’s BTC volatility index - a benchmark that measures the market’s implied volatility for BTC.
What does it show? A declining index for most of 2025 indicated that expected volatility fell consistently, with a single spike around the 10th October liquidation event.
Liquidity & Yield Compressions
What is it? The total monthly spot exchange volume vs. the avg. monthly SUSDE APR— a benchmark for on-chain yield.
What does it show? A declining trend in both volumes and yield over 2025. The October liquidation event caused volumes to spike to >$2T before resuming its downtrend. Yield collapsed due to reduced lending demand and drained liquidity, reducing the total interest-bearing capital.
Altcoin Market Dominance
What is it? It measures the share of total global crypto market capitalisation held by altcoins.
What does it show? An altcoin market dominance that failed to reach cyclical highs relative to previous cycles. Based on the four-year cycle previously observed, alt dominance was 45% below expectations.
Alts/BTC vs. US ISM
What is it? The ratio of Alt/BTC market capitalisation vs. US ISM—a measure of US economic activity.
What does it show? An altcoin cycle that continued to be subdued due to a continually suppressed business cycle. Altcoins typically outperform BTC when economic activity is in growth mode, but no peak was observed in 2025, often coinciding with a peak in market valuations.
Sentiment
What is it? The percentage of days where the crypto Fear & Greed Index was below 30 (extreme fear).
What does it show? Investors were fearful for nearly half the year. This was the 3rd most fearful year over the last 8 years with the first and second being bear markets (2018, 2022). 2025 was the most fearful bull market period in history.
Stablecoin Supplies
What is it? The total dollar stablecoin supply represented on-chain.
What does it show? Fresh highs of stablecoin supplies in 2025 ($300B), driven by rising demand in trading, DeFi, and lending. Investors and institutions increasingly used stablecoins for safe-haven capital, collateral, and cross-border payments.
Stablecoin Transaction Volume vs. Legacy Rails
What is it? The percentage of months in every year where stablecoin transfer volume was above Visa, Paypal, and remittances combined.
What does it show? For the first time ever, stablecoins surpassed the combined transfer volumes of Visa, PayPal, and remittances, ending 2025 at >2x the basket’s total—highlighting their growing adoption and dominance in digital payments.
Stablecoin Velocity By Chain
What is it? The ratio of stablecoin transfer volume over the total supply on a chain.
What does it show? Base had orders of magnitude higher stablecoin velocity than other Layer 1 blockchains, meaning it was punching above its weight relative to the total stablecoin supply. The combination of low-cost transactions and strong onboarding and integrations including Coinbase and merchants, contributed to higher on-chain activity per stablecoin.
Tokens Created
What is it? The cumulative count of unique tokens minted on-chain across all major chains.
What does it show? Tokens minted accelerated in 2025, driven by optimized smart contract standards (e.g. ERC-1155) collapsing cost per mint and new socialFi products with minting-focused platforms (e.g. meme launchpads like Pump and content creator coins like Zora).
Trump Coin
What is it? The launch of a meme coin by the President of the United States.
What does it show? The TRUMP coin launched on January 17, 2025 on Solana. It saw massive early trading volume and a multi‑billion‑dollar market cap, driven largely by hype and community sentiment rather than intrinsic utility. It marked the local top in the market in Q1.
Solana Meme Volume
What is it? The market share of Solana DEX volume by asset type.
What does it show? A declining dominance of memecoin interest in 2025. The two market drawdowns and a subdued market environment relative to 2024 shifted attention to beta and fundamental assets.
Divergence of Fundamentals and Valuations: Lending Case Study
What is it? The ratio of active loans to fully-diluted valuations vs. global sector fully-diluted valuations.
What does it show? The two drawdowns in 2025 drove clear divergences between underlying fundamentals and valuations. Throughout 2025, global active loans increased +60% while average valuations fell over 45%.
Revenue vs. Valuations
What is it? Revenue change of select protocol vs. average valuation performance.
What does it show? Fundamental names across major sectors were also showing positive divergences in revenue relative to valuations in 2025. The spread is over 400%.
On-chain Futures Volume
What is it? The ratio of futures trading volume on decentralised exchanges vs. centralised counterparts.
What does it show? New highs in the ratio indicating growing interest in trading futures on-chain. 2025 marked the year of clear product-market-fit from perpetual products with effective product design, instruments, and composability, while collapsing costs relative to legacy exchanges.
Bridge Volume
What is it? Total weekly bridge dollar volume between chains.
What does it show? An acceleration of volume growth as the number of chains with >$5m total-value-locked surpasses 120. A key driver has been increased need for stablecoin bridging like USDC on Hyperliquid and bridging Tether’s USDT0. USDT0 has processed over $50B in total transfers making it the largest cross-chain liquidity network for stablecoins - just 10 months after launch.
Treasury Companies % Supply Bought
What is it? The percentage of total circulating supply acquired from treasury companies.
What does it show? 2025 was an acceleration of treasury companies buying crypto assets (e.g. ETH, SOL) following the Strategy approach to BTC from the prior year. Digital asset treasuries (DATs) could sell stock in an accretive way if their multiple-to-net-asset value (mNAV) was sufficiently above 1. Over 4% of ETH and 2.5% of SOL circulating supply flowed into DATs.
Treasury Companies mNAVs
What is it? The % of multiple-to-net-asset values (mNAVs) above 4 and below 1.
What does it show? The share of DATs with mNAV > 4 fell from 56% to 40% in 2025, while those with mNAV < 1 rose from 12% to 27%. Increased market volatility and DAT saturation reduced investor interest, limiting managers’ ability to raise capital and maintain their target native yield profiles.
RWAs total value
What is it? The total dollar value of real-world assets on-chain across all ecosystems (excluding stablecoins).
What does it show? On-chain RWA value reached a new all-time high of $18.5B, tripling over the year. Growth was driven by the proliferation of on-chain money market funds (e.g., BlackRock BUIDL) and private credit funds (e.g., Figure), alongside regulatory clarity and expanding DeFi protocols integrating RWAs.
RWA Market Share vs. Fed Funds
What is it? The market share of institutional alternative funds and treasury debt vs. Fed Funds rates.
What does it show? Falling Fed funds rates in 2025 shifted interest from tokenized T-bills to alternative funds offering ~6–7% floating yields via senior-secured corporate loans, combining capital preservation with higher returns. The year highlighted how RWA deployment adapted to the macro environment.
Equities On-Chain
What is it? Total dollar value of tokenised stocks on-chain.
What does it show? 2025 was the first time tokenised stocks surpassed half a yard after starting the year at just $10m. This growth has been underpinned by xStocks’ support for over 62 equities on-chain, indicating a growing interest of equity trading beyond native assets on DeFi rails.
Hyperliquid Builders
What is it? The daily revenue of builders deployed on Hyperliquid who operate strategies on the Hyperliquid protocol.
What does it show? Builder revenue in the Hyperliquid ecosystem growing to $400k/day ($146m ann.) 2025 saw the emergence of a new DeFi model (e.g. HIP-3) where builders create infrastructure, others monetise it, and platforms earn referral fees, creating a scalable framework for ecosystem growth.
DeFi Vault Growth
What is it? The total dollar value deposited into DeFi vaults.
What does it show? A vault market that surpassed $1B in total deposits in 2025 highlighted the growing demand for smart contract vaults, which allow users to gain exposure to automated, strategy-driven yield strategies. Vaults reached a peak of $7B in October - a 7x growth in 2025.
Prediction Markets Change in Sectors
What is it? Prediction market open interest by market category.
What does it show? Prediction market interest enriching across new categories like sports and science. 2025 showed just how dynamic prediction markets have become. Early in the year, events like elections dominated activity, but, as those resolved, users quickly shifted their bets to sports, pop culture, and other categories—underscoring the market’s flexibility and evolving appetite for on-chain speculation.
Bonus Sector KPI Growth vs. Alt Sector Performance
What is it? The YoY growth multiple of select sector KPIs.
What does it show? A clear divergence between positive growth multiples cross-sector from perps to DePIN revenue. RWA experienced the most explosive YoY growth (30x). The median alt performance across all tracked names was -75% YTD as of the 19th December.
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