Crypto Market Review (Q2 2025)
San Francisco • Jul 16, 2025
Q2 2025 was an exceptional quarter for crypto.
It didn’t necessarily feel like it. Bitcoin refused to break out of its range near $100,000, and other crypto assets mostly traded sideways.
But just consider what actually happened:
Paul Atkins, the most pro-crypto SEC Chair in history, was confirmed.
Coinbase entered the S&P 500 Index.
Stablecoin issuer Circle debuted in the most successful IPO in a decade.
The number of companies holding bitcoin on their balance sheets rose nearly 60%.
Bitcoin was the best-performing major asset in the world, rising over 30%—nearly 3x the return of U.S. stocks and more than 5x the return of gold.
It was a quarter of quiet progress, the kind that sets us up for great things ahead. One especially intriguing area to watch is stablecoins and tokenized assets, where AUM has soared in recent months—and shows no signs of slowing (see pages 31–35).
Summer can be a sleepy time for crypto, but the latest Bitwise Crypto Market Review suggests otherwise.
Dive into its more than 60 charts and tables to get the full story.
Download the Full Report
Access this report for key data points that shaped crypto markets in recent months.
Bitwise Asset Management is a global crypto asset manager with more than $15 billion in client assets and a suite of over 30 crypto investment products spanning ETFs, separately managed accounts, private funds, hedge fund strategies, and staking. The firm has an eight-year track record and today serves more than 4,000 private wealth teams, RIAs, family offices and institutional investors as well as 15 banks and broker-dealers. The Bitwise team of over 125 technology and investment professionals is backed by leading institutional investors and has offices in San Francisco, New York, and London.
