2025 in crypto According to Coingecko

If crypto had a yearbook, 2025 would be voted “Most Likely to Stress Everyone Out.” Prices dipped, liquidations made headlines, and somehow stablecoins quietly stole the show. CoinGecko’s 2025 Annual Crypto Report breaks down what actually happened once the noise faded — and the results are more interesting than the charts alone suggest. This report paints a clear picture of how digital assets fared through price swings, liquidity events, and evolving market participation.

After a year of rising expectations, the total crypto market cap ended 2025 at about $3 trillion, marking a 10.4% annual decline — the first annual downturn since 2022. A massive $19 billion liquidation event in October triggered broad selling and heavy volatility late in the year. Despite this sell-off, trading activity remained robust.

This underscores a central theme of 2025: price weakness didn’t kill participation — it simply reshaped it.

In contrast to broader market losses, stablecoins enjoyed strong growth, surging nearly 49% to reach a record $311 billion market cap. This expansion was driven by increased demand for liquidity and risk-off allocations during bouts of volatility.

Notable shifts in market share included PayPal’s PYUSD rising to be among the top five stablecoins — buoyed by yield products and creator payouts.

Though Bitcoin finished the year down about 6%, its narrative in 2025 was more nuanced than simple price moves. Institutional interest deepened, especially via Digital Asset Treasury Companies (DATCos), which deployed nearly $50 billion acquiring BTC and ETH — roughly 5% of each asset’s supply — and collectively held over $134 billion in crypto by year-end.

One of the more surprising 2025 winners was prediction market trading, which jumped a remarkable 302.7% in volume to $63.5 billion. This is a clear sign that traders are increasingly engaging with derivatives and alternative market structures beyond spot trading.

Perpetual futures also hit new highs:

This growth reflects a shift toward leveraged and derivative products across the ecosystem.

In the broader financial landscape, Gold (+62.6%) and major U.S. equities significantly outpaced Bitcoin’s performance. Meanwhile, the dollar and commodities like oil lagged. This divergence illustrated crypto’s emerging identity as a risk asset rather than an inflation hedge.

Here’s how to think about these data points:

1. Liquidity and infrastructure are growing: expanding derivatives markets and stablecoin liquidity help sustain activity even when prices slip.

2. Institutional engagement is shaping dynamics: DATCos and large holders are becoming steady sources of demand — even if markets remain volatile.

3. Crypto’s identity continues to evolve: Decoupling from traditional hedges, crypto increasingly behaves like a market tied to macro risks and risk sentiment.

Bottom line: 2025 wasn’t a breakout year for prices — but it was a year of maturation. Markets tested their resilience, new market structures took root, and institutional interest firmed. For crypto watchers and participants, the story going into 2026 is less about “boom or bust” and more about growth amid instability.