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.
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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
Exclusive Contributions
From partners including Grayscale, a16z crypto, Tephra Digital, and Multicoin.
Get our market outlook
We are defensive for Q2 2025.
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:
Bitcoin reasserts its dominance in risk-off conditions
Bitcoin now commands 63% of the total crypto market cap, its highest level since early 2021, which reflects investor preference for assets with high institutional accessibility and macro relevance.
Stablecoins cement role as crypto’s financial backbone
Stablecoin transaction volumes hit a new all-time high in Q1. With increasingly lower fees and broadening use cases, stablecoins are positioned to capture more institutional and retail flow in 2025, particularly in high-inflation economies.
Solana’s revenue outpaces every other L1 and L2
Despite market headwinds and a turbulent narrative around memecoins, Solana generated more revenue in Q1 2025 than all other Layer-1 and Layer-2 networks combined.
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