CoinGecko: Q3 2025 Cryptocurrency Industry Report

Source: CoinGecko Translation: Shan Ouba, Golden Finance

In the third quarter of 2025, the cryptocurrency market continued its upward trend for the third consecutive quarter. The total market capitalization increased by 16.4%, adding $563.6 billion, reaching $4.0 trillion, the highest level since the end of 2021. This quarter marks the entry of the cryptocurrency market into the second round of recovery, driven by factors including a surge in liquidity, a reallocation of institutional funds, and a significant rebound in trading activity.

The average daily trading volume increased by 43.8%, reaching $155 billion, reversing the declining trend of the first and second quarters. The stablecoin market size hit a new high, with a total market capitalization growth of 18.3% to $287.6 billion, driven by the continuous rise in demand for USDe and USDC. Meanwhile, decentralized finance made a strong comeback, with the total value locked increasing by 40.2%, reclaiming market share relative to other sectors against the backdrop of an overall market uptrend.

Among mainstream cryptocurrencies, Ethereum and BNB have performed prominently, both reaching historic highs. Ethereum's quarterly increase reached 68.5%, closing at $4215 at the end of the quarter; BNB's increase was 57.3%, closing at $1030 at the end of the quarter. In terms of centralized exchanges, spot trading volume grew by 31.6% month-on-month, reaching $5.1 trillion, with Binance and Bybit leading the industry.

This “Q3 2025 Cryptocurrency Industry Report” is comprehensive, covering the overview of the cryptocurrency market, special analysis of Bitcoin and Ethereum, in-depth analysis of decentralized finance and non-fungible tokens ecosystem, while also reviewing the quarterly performance of centralized and decentralized exchanges.

The following is a summary of the core points of the report.

CoinGecko “2025 Q3 Cryptocurrency Industry Report” Seven Key Points

1. The total market value of cryptocurrencies continues to rise, increasing by 16.4% in the third quarter of 2025, reaching $4.0 trillion.
2. The total market capitalization of stablecoins increased by 44.5 billion USD in the third quarter, reaching a historical high of 287.6 billion USD, with USDe and USDC leading among mainstream stablecoins in terms of quarter-on-quarter growth.
3. The price of Ethereum rises from $2502 to $4946 in the third quarter of 2025, setting a new historical high.
4. BNB achieved explosive growth in Q3 2025, reaching a historic high of $1048, with a quarterly increase of 57.3%.
5. The total market value of decentralized finance grew by 40.2%, reclaiming its dominant position across various fields.
6. The spot trading volume of centralized exchanges increased by 31.6% quarter-on-quarter in the third quarter of 2025, reaching $5.1 trillion, but still lower than the $5.3 trillion in the first quarter.
7. The trading volume of decentralized exchange perpetual contracts reached a historic high of $1.8 trillion in the third quarter of 2025, with Aster, Lighter, and edgeX emerging as new challengers.

1. The total market capitalization of cryptocurrencies continues to rise, increasing by 16.4% in the third quarter of 2025, reaching $4.0 trillion.

In the third quarter of 2025, the total market capitalization of cryptocurrencies continued its upward trend, increasing by $563.6 billion (a rise of 16.4%), closing the quarter at $4.0 trillion. This marks the second consecutive quarter of significant capital appreciation in the market.

Meanwhile, the average daily trading volume in the third quarter saw a significant rebound, rising to $155 billion, an increase of 43.8% compared to the second quarter. Prior to this, spot trading activity had declined consecutively in the first and second quarters. This rise in trading volume coinciding with price increases indicates a substantial recovery in market participation. The average daily trading volume in the second quarter of 2025 was $107.8 billion.

2. The total market value of stablecoins increased by 44.5 billion USD in the third quarter, setting a historical high of 287.6 billion USD, with USDe and USDC leading the growth among mainstream stablecoins.

In the third quarter of 2025, the total market capitalization of the top 20 stablecoins increased by 44.5 billion USD (an increase of 18.3%), reaching a historical high of 287.6 billion USD. As the fourth quarter begins, this figure continues to rise, having surpassed 300 billion USD.

In terms of growth, the USDe issued by Ethena performed the best, with a market capitalization increase of 177.8% (an increase of 9.4 billion USD), and its market share rose from 2% to 5%, surpassing USDS to become the third largest stablecoin.

In absolute terms, Tether's USDT market capitalization increased by 17 billion dollars, but due to the accelerated growth of other stablecoins, its market share fell from 65% to 61%.

3. The price of Ethereum is expected to rise from $2502 to $4946 in the third quarter of 2025, setting a new historical high.

In the third quarter of 2025, the price of Ethereum rose from $2502 to $4946 (setting a historical high in August), and then retraced to around $4000.

At the end of the quarter, Ethereum closed at $4215, with a quarterly increase of 68.5%. This quarter, Ethereum outperformed other major cryptocurrencies such as Bitcoin, Solana, and Ripple, especially after reaching an all-time high of $4946 in August, making its advantage even more apparent.

With the price increase, Ethereum's trading volume surged significantly in the third quarter: the average daily trading volume rose from $19.5 billion in the second quarter to $33.4 billion in the current quarter. Compared to the first quarter, the trading volume in the second quarter was already relatively low, which made the growth in the third quarter even more pronounced.

The core driving factors behind the resurgence of interest in Ethereum include institutional-level purchases from asset management companies such as Bitmine Immersion, owned by Tom Lee, and SharpLink, owned by Joe Lubin. Additionally, the continued net inflow into the U.S. spot Ethereum ETF has further amplified the upward price momentum.

4. BNB achieves explosive growth in Q3 2025, reaching an all-time high of $1048, with a quarterly increase of 57.3%.

After nearly a year of turbulent consolidation, BNB closed at $1030 in the third quarter of 2025, with a quarterly increase of 57.3%, during which it reached a historical high of $1048. Entering the fourth quarter, the price of BNB continued to rise, setting a new historical high of $1369.

BNB trading volume doubled in the third quarter: the average daily trading volume increased from 800 million USD in the second quarter to 1.7 billion USD in the current quarter. Part of the reason for the resurgence in market activity is related to the launch of the perpetual contract DEX Aster - the platform introduced a promotion for BNB trading pairs, which boosted trading demand.

In addition, PancakeSwap has integrated with Binance through the Binance Alpha program, a collaboration that has promoted decentralized finance activities within the Binance Smart Chain ecosystem and supported BNB's strong performance in the third quarter.

5. The total market value of decentralized finance increased by 40.2%, regaining its dominant position in various fields.

In the third quarter of 2025, the total value locked in decentralized finance (DeFi) increased by 40.2% from $115 billion at the beginning of July to $161 billion by the end of September. This growth was driven by the significant appreciation of Ethereum and the market narrative of the continuous expansion of the stablecoin ecosystem.

In mid-July, after the price of Ethereum rebounded to the $3000 mark, the total market value of the decentralized finance sector subsequently climbed to $133 billion; by the end of September, thanks to the soaring prices of new tokens from perpetual contract DEXs like Avantis and Aster, the total market value of decentralized finance reached a peak of $181 billion this quarter.

With the recovery of the decentralized finance ecosystem, its share of the total cryptocurrency market capitalization increased from 3.3% in the second quarter of 2025 to 4.0% in the third quarter.

6. The trading volume of centralized exchanges in the spot market increased by 31.6% quarter-on-quarter in the third quarter of 2025, reaching 5.1 trillion USD, but still lower than the 5.3 trillion USD in the first quarter.

In the third quarter of 2025, the spot trading volume of leading centralized exchanges reached $5.1 trillion, a month-on-month increase of 31.6% compared to $3.9 trillion in the second quarter.

Starting from June 2025, Binance's market share has slightly increased and maintained at 40% in the third quarter. Its quarterly trading volume grew by 40.2% quarter-on-quarter, reaching a total of $2.06 trillion, surpassing the first quarter's peak of $2.03 trillion.

Bybit performed excellently this quarter, with a month-on-month trading volume increase of 38.4%, rising from sixth place to third place, and a monthly average trading volume exceeding 120 billion USD — this level was previously only seen in February (before the hacking incident). Upbit is one of the exchanges with the largest increase this quarter, with a month-on-month trading volume growth of 40.5%, rising to ninth place.

Although Coinbase remains the largest cryptocurrency exchange in the United States, its global ranking has fallen to tenth place. This quarter, Coinbase's trading volume increased by 23.4% compared to the previous quarter, but the growth rate still lags behind other competitors.

7. The trading volume of perpetual contracts on decentralized exchanges reached a historical high of $1.8 trillion in the third quarter of 2025, with Aster, Lighter, and edgeX emerging as new challengers.

In the third quarter of 2025, except for Aster, the trading volume of the top 10 perpetual contract DEXs by market capitalization increased by 87.0% from $96.45 billion in the second quarter to $1.81 trillion. Among them, the trading volume in July and August saw strong growth, while the growth rate in September slowed down.

In this quarter, Hyperliquid still holds the top position in the perpetual contract DEX rankings with a market share of 54.6%. However, platforms such as Aster, Lighter, and edgeX have begun to challenge its leading position. It is important to note that these new platforms are currently implementing incentive programs, attracting primarily profit-seeking capital. For example, Aster's single-day trading volume reached a peak of 84.8 billion dollars in September.

In terms of open interest, Hyperliquid still maintains a significant lead: as of October 1, its open interest accounts for 75% of the total open interest in perpetual contract DEXs, while the open interest of other competitors accounts for less than 10%.