Cryptocurrency markets closed 2025 with declining costs whereas utilization metrics surged to report highs.
Abstract
- Ethereum and crypto-related equities fell in late 2025 whilst transaction volumes, stablecoin utilization, tokenized property and protocol revenues hit report highs, in line with Bitwise and Arkham information.
- Networks like Tron and Uniswap posted surging volumes, revenues and market share whereas native token costs remained flat, highlighting a rising hole between adoption and valuations.
- Bitwise compares present situations to early 2023, noting bettering fundamentals and provide constraints that would assist a 2026 rally, although value convergence might take a number of quarters.
Ethereum’s value fell in the course of the fourth quarter of 2025 whilst transaction volumes reached new peaks, Bitwise reported. The agency’s Chief Funding Officer, Matt Hougan, acknowledged that related disconnects have occurred at earlier market inflection factors, with costs usually bottoming when participant curiosity wanes whereas adoption will increase.
Crypto-related equities declined in 2025 whereas trade revenues grew sooner than most different sectors, in line with Bitwise’s evaluation. The analysis documented value declines alongside surges in transaction quantity and tokenized real-world property reaching all-time highs.
The stablecoin market expanded in October 2025, with day by day common transaction quantity reaching report ranges, in line with Arkham Analysis.
Crypto markets present widening hole between utilization and costs
On-chain exercise and revenues are climbing whilst token values stay subdued.
Messari information present the Tron community processed trillions of {dollars} in stablecoin transactions in 2025 and captured a big share of worldwide retail transfers below $1,000, whereas posting report income within the third quarter. Regardless of that progress, Tron’s native token traded largely flat all year long.
Decentralized exchanges continued to achieve floor on centralized platforms, with day by day DEX quantity surpassing main centralized exchanges in mid-2025. Uniswap dominated the sector, processing billions of {dollars} day by day, amassing vital complete worth locked after the launch of Uniswap v4, and producing almost $1 billion in charges year-to-date by means of October. Coinbase has since built-in DEX buying and selling into its app, routing orders by means of aggregators that faucet Uniswap liquidity.
Bitwise in contrast the present backdrop to early 2023, when robust fundamentals preceded a multi-year rally, noting that costs stay below strain whilst stablecoin utilization, community revenues and infrastructure funding develop. Ethereum traded close to its long-term common and nicely beneath its peak in late 2025, with analysts saying provide constraints and community growth may assist a rally in 2026 — although the timing of any value catch-up stays unsure.
