CoinGecko’s newly released 2025 Q2 Crypto Industry Report paints a portrait of a market in rebound, yet one still wrestling with evolving trading dynamics beneath the surface. After posting an 18.6% drawdown in Q1, total market capitalization climbed 24.0% in Q2, clawing back $663.6 billion to close the period at $3.5 trillion, narrowly missing its January peak.
Market Recovery Masks Lingering Volume Weakness
Despite the dramatic recovery in valuations, trading activity on centralized venues continued its retreat. Average daily spot volumes on CEXs fell by 26.2% quarter‑on‑quarter (from $146.0 billion in Q1 to $107.8 billion in Q2), while total spot trading on major exchanges tumbled 27.7% to $3.9 trillion.
Binance, though still the top spot exchange with roughly 37–39% market share, saw volumes dip below $500 billion in both April and June. Only MEXC (+3.7%), HTX (+5.4%) and Bitget (+3.0%) bucked the broader decline, pushing Crypto.com out of second place after its volume plunged 61.4%.
Bitcoin Leads the Charge
Bitcoin’s resurgence was the story of Q2. BTC not only reclaimed the six‑figure mark but also set a fresh all‑time high before closing the quarter above $100,000. Fueled by that rally, its market dominance climbed to 62.1%, up 3.0 percentage points from Q1 and 7.6 points since January.
Ethereum, the strongest performer among the top altcoins, jumped 36.4%—from $1,805 to $2,488—but remains well below its 2025 open of $3,337. ETH dominance inched up to 8.8%, while the combined “Others” bucket shrank to 13.7%, underscoring a wider struggle for altcoin capital inflows.
A Landmark IPO Sparks Fresh Enthusiasm
Crypto’s first marquee public offering of 2025 added to the bullish headlines. On June 5, Circle (NYSE: CRCL) debuted at $31 per share, and promptly saw demand outstrip supply by over 25 times. After closing its first trading day at $83.23, CRCL more than tripled to an intraday high of $298.99 on June 23, marking an 864.5% premium to its IPO price. Circle’s blockbuster listing has revived hopes for other big‑name token issuers, including Kraken, Gemini and Grayscale, to follow suit on public markets.
Decentralized Venues Shine as Traders Diversify
Perhaps the most seismic shift reported came in trading behavior. As CEX volumes waned, DEXes boasted record quarter‑on‑quarter growth: spot volume leapt 25.3% to $876.3 billion, driving the DEX‑to‑CEX ratio to an all‑time high of 0.23. PancakeSwap emerged as the star performer, skyrocketing 539.2% to $392.6 billion, its dominance buoyed by the launch of Binance Alpha routing order flow into BSC.
Meanwhile, Solana‑based DEXes such as Orca, Meteora and Raydium each saw volume declines north of 40%, reflecting waning interest in SOL‑chain trading. Perpetual futures trading on DEXes also hit new heights. Q2 perp volume climbed to $898.0 billion, led by Hyperliquid’s commanding 72.7% share.
It is equivalent to $653.2 billion in activity and cementing its place as the eighth‑largest perp venue across both centralized and decentralized platforms. Upstarts like Aster (formerly APX Finance) doubled volumes after launching a “Pro” mode, while legacy players such as dYdX saw monthly averages slide to just $5.3 billion—half their January levels.
What Lies Ahead?
CoinGecko’s full 50‑slide deck offers a granular look at each sector, ranging from DeFi and NFT ecosystems to side‑by‑side performance of top CEX and DEX operators. The report suggests that, even as asset prices rebound, the trading landscape is shifting decisively: liquidity is fragmenting away from centralized incumbents toward permissionless, on‑chain venues.
For investors, traders and service providers alike, the message is clear: Q2 delivered not just a recovery in valuations but a transformation in how participants access and move capital across crypto markets. To explore detailed charts, breakout tables ,and in‑depth commentary, download the complete “2025 Q2 Crypto Industry Report” on CoinGecko’s website.
