Coinbase x Glassnode:
Charting Crypto Q4 2025
Our joint report brings a professional, data-driven perspective to crypto investors, providing the context to act decisively in digital asset markets.
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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
10 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
Insights on record-high stablecoin supply and their increasing utility in financial systems.
Global Investor Survey
Between September 17 and October 3, 2025, we surveyed more than 120 global investors.
Get our market outlook
We have a cautiously optimistic stance for 4Q25.
Market reset, macro support, and structural strength
Crypto markets entered Q4 on a constructive footing, but the October 10 liquidation wave has tempered optimism. This edition examines how shifting leverage dynamics, easing monetary policy, and strong institutional demand — including from digital asset treasuries (DATs) — are shaping the market. Here are some of the many takeaways:
Global Investor Survey Perspectives
From our global investor survey among 124 respondents, 67% of institutional investors and 62% of non-institutional investors have a positive outlook for BTC over the next 3-6 months.
Long-term holders remain steadfast
Bitcoin’s illiquid supply declined just 2% in Q3 while liquid supply rose 12%, showing that most long-term holders held their coins — even as prices climbed to new all-time highs.
ETH ETFs overtake BTC in inflows
For the first time, ETH ETFs attracted more inflows ($9.4B) than BTC ETFs ($8.0B), highlighting extremely strong retail demand.
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