Coinbase x Glassnode:

Charting Crypto Q2 2025

Our joint report (previously Guide to Crypto Markets) brings the essential data for institutional crypto investors – with the context to act decisively.

If your browser blocked the download, please copy and paste the URL into your browser: https://glassno.de/42uYufZ

By submitting this form, you are agreeing to our T&Cs & Privacy Notice and for your information to be shared with Coinbase, Inc.

Charting Crypto Q2 2025 by Coinbase Institutional and Glassnode

Brought to you by

The CME Group logo

Institutions rely on Coinbase Institutional to understand, plan, and realize opportunities created by digital assets and web3.

Institutional investors leverage Glassnode's industry leading on-chain analytics to more clearly evaluate trading decisions.

The report includes:

Market Overview

Including crypto market cap, cycle performance and correlations to other assets.


Bitcoin

9 slides on BTC including performance, holding patterns, and market trends.

Ethereum

14 slides on ETH iIncluding price trends, staking, Layer 2 activity, and more.

Stablecoins

Insights on record-high stablecoin supply and their increasing utility in financial systems.

Macro View
Fresh insights on market cycles, volatility correlations and on-chain behavior.

Exclusive Contributions

From partners including Grayscale, a16z crypto, Tephra Digital, and Multicoin.


Get our market outlook

We are defensive for Q2 2025.

Find out why, along with the factors that may change this view.

Rising macro pressure and a sentiment shift

Crypto markets are undergoing a significant reset in Q2 2025. The 48-page report includes many takeaways to help you navigate a crucial time for digital assets. Here are some of them:

Sovereign treasuries are anchoring long-term supply

Governments like the U.S., El Salvador, and Bhutan are now strategic holders of bitcoin. Their passive, long-term custody plays a growing role in market psychology and liquidity.

Institutional custody now dominates the Bitcoin landscape

216 centralized entities—including ETFs, exchanges, and corporates—now hold over 30% of BTC supply. The report breaks down their influence by category and size.

BTC Price Performance Since Cycle Low Chart by Glassnode

Offchain markets drive the majority of BTC volume

More than 75% of bitcoin trading now occurs through offchain venues like ETFs and CEXs. This shift is redefining price discovery and execution infrastructure.

Trusted by industry leaders

Want to access our unified trading signals
for the digital asset market?

Get in touch with Glassnode product experts today. We help you take the first step in leveraging on-chain data to maximize your outcomes.

© 2023 Glassnode, all rights reserved