Coinbase x Glassnode

Guide to Crypto Markets
Q1 2025

Understand the key metrics and trends that matter the most to institutional investors as we enter 2025.

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Q1 2025 Guide to Crypto Markets by Coinbase Institutional and Glassnode

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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 guide includes:

Market Overview

Including total crypto market cap, dominance, and correlations to major asset classes.

Bitcoin

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

Ethereum

16 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.

Derivatives
Fresh insights from Bitcoin & Ethereum spot and derivatives data.

Institutional Focus

Insights on market structure, liquidity trends, ETF adoption and macro views.


Shifting market liquidity & the acceleration of stablecoins

The 48-page Guide includes many highlights and key takeaways. Here are some of them:

Capital rotation in Bitcoin beneath the surface

Bitcoin's active supply increased nearly 70% in the last quarter of 2024, with over 1.8M BTC entering into active circulation as long-term holders saw $100K as a critical price level for profit taking.

2024 - the year of the stablecoin

Stablecoin supply set a new record in the last months of 2024, and the combined market value of the top stablecoins approached $200B by the end of last year. The record-breaking expansion is set to continue due to several factors.

BTC Price Performance Since Cycle Low Chart by Glassnode

Layer-2s lead the way into 2025

Daily active addresses in the Ethereum ecosystem increased nearly 150% in 2024, led by a pickup in Layer-2 (L2) networks. This growth will likely continue, as L2s enable faster, cheaper transactions and rapid innovation, while retaining the key trust properties of the underlying L1s.

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