TL;DR
- Bitcoin ETFs attracted over $21B in net inflows during 2025.
- DeFi revenue reached $16.2B with growth in real-world assets.
- Stablecoin market cap grew nearly 50%, surpassing $305 billion.
A new report from Binance Research analyzes the evolution of the cryptocurrency market during 2025. The report highlights the divergent performance of different sectors within the industry. Furthermore, it outlines key themes likely to shape trends in the year 2026.
The document notes that Bitcoin consolidated its role as a macroeconomic asset last year. United States Bitcoin exchange-traded funds attracted over $21 billion in net inflows. Corporate Bitcoin holdings surpassed 1.1 million BTC, approximately 5.5% of the total supply.
Bitcoin’s market capitalization remained around $1.8 trillion. Its dominance over the rest of the market ranged between 58% and 60%. Network security improved, with a hash rate exceeding 1 ZH/s and a mining difficulty that increased 36% year-over-year.
The Maturation of Decentralized Finance (DeFi)
The decentralized finance sector took another step toward institutional maturation in 2025. The focus centered on capital efficiency and regulatory compliance. The total value locked remained stable at $124.4 billion.
Funds shifted toward stablecoins and yield-generating assets. The total value locked of real-world assets reached $17 billion for the first time. This figure surpassed the volumes of decentralized exchanges, driven by the tokenization of treasuries and equities.
DeFi protocols collectively generated $16.2 billion in revenue. The spot trading ratio between DEXs and CEXs peaked near 20%. This data underscores DeFi’s evolution toward a cash-flow generating model.
The Growth and Utility of Stablecoins
The year 2025 represented an inflection point for stablecoins. Their total market capitalization increased nearly 50%, exceeding 305 billion dollars. This growth received a boost from the GENIUS Act in the United States and increased institutional adoption.
Daily transaction volumes grew 26%, averaging $3.54 trillion. This figure is more than double the volume processed by Visa, showing the efficiency of stablecoins for fast cross-border payments.
Six new major stablecoins individually surpassed the $1 billion mark in market capitalization. These include BUIDL, PYUSD, RLUSD, USD1, USDf, and USDtB. Their entry brings new competition and real-world utility to the market.
The report concludes these developments set the foundation for further growth in 2026. Use cases will expand into areas of payments, savings, and fintech applications. The intersection between institutional Bitcoin, regulated DeFi, and high-volume stablecoins defines the current landscape.
