CoinGecko: Crypto Industry Report for Q3 2025

Source: Coingecko Translation: Shan Ouba, Golden Finance In the third quarter of 2025, the cryptocurrency market continued its upward trend for the third consecutive quarter. Total market capitalization increased by another 16.4%, or $563.6 billion, to $4.0 trillion, reaching its highest level since late 2021. This quarter marked the beginning of the second phase of the cryptocurrency market's recovery, driven by a surge in liquidity, renewed institutional capital inflows, and a significant rebound in trading activity. Average daily trading volume increased by 43.8% to $155 billion, reversing the downward trend seen in the first and second quarters. The stablecoin market reached a new high, with total market capitalization increasing by 18.3% to $287.6 billion, driven by continued demand for USDe and USDC. Meanwhile, decentralized finance (DeFi) saw a strong comeback, with total value locked increasing by 40.2%. Against the backdrop of the overall market rally, it regained market share relative to other sectors. Among major cryptocurrencies, Ethereum and BNB performed exceptionally well, both reaching record highs. Ethereum saw a quarterly gain of 68.5%, closing at $4,215; BNB saw a 57.3% gain, closing at $1,030. On centralized exchanges, spot trading volume increased 31.6% month-over-month to $5.1 trillion, with Binance and Bybit leading the industry. This comprehensive "Cryptocurrency Industry Report, Q3 2025" covers an overview of the cryptocurrency market, a detailed analysis of Bitcoin and Ethereum, an in-depth analysis of the decentralized finance and non-fungible token ecosystems, and a review of the quarterly performance of both centralized and decentralized exchanges. The following is a summary of the report's key highlights.

Seven key points of CoinGecko's "Cryptocurrency Industry Report, Q3 2025"

1. The total market capitalization of cryptocurrencies continued to rise, increasing by 16.4% in the third quarter of 2025 to reach US$4.0 trillion

2. The total market capitalization of stablecoins increased by US$44.5 billion in the third quarter, setting a record high of US$287.6 billion, of which USDe and USDC led the month-on-month growth among mainstream stablecoins

3. The price of Ethereum climbed from US$2,502 to US$4,946 in the third quarter of 2025, setting a record high

4. BNB achieved explosive growth in the third quarter of 2025, setting a record high of US$1,048 The US dollar hit a record high, with a quarterly increase of 57.3%.

5. The total market value of decentralized finance increased by 40.2%, regaining its dominant position in various fields.

6. Centralized exchange spot trading volume increased by 31.6% quarter-on-quarter to US$5.1 trillion in the third quarter of 2025, but was still lower than the US$5.3 trillion in the first quarter.

7. Perpetual contract trading volume on decentralized exchanges hit a record high of US$1.8 trillion in the third quarter of 2025, with Aster, Lighter, and edgeX becoming new challengers.

1. The total market value of cryptocurrencies continued to rise, increasing by 16.4% to US$4.0 trillion in the third quarter of 2025.

This quarter, Hyperliquid maintained its top spot among perpetual contract DEXs with a 54.6% market share, but platforms like Aster, Lighter, and edgeX have challenged its leadership. However, it's important to note that these newer platforms are currently implementing incentive programs, attracting mostly profit-seeking capital. For example, Aster's daily trading volume peaked at $84.8 billion in September.

In terms of open interest, Hyperliquid maintains a significant lead: as of October 1st, its holdings accounted for 75% of the total open interest on perpetual contract DEXs, while other competitors each held less than 10%.