The third quarter of 2025 was a significant one, posting substantial achievements, according to the latest crypto industry report by crypto data aggregator CoinGecko . Yet, despite Bitcoin (BTC)’s surge to a fresh ATH, major altcoins – particularly Ethereum (ETH) – strongly 0 crypto market recorded its third consecutive rallying quarter in Q3 this 1 is also the second consecutive quarter of “significant capital appreciation,” the report noted. Moreover, it was the market’s second leg of recovery, powered by liquidity, a sharp recovery of trading activity, and renewed institutional 2 total market capitalization increased by 16.4% with $563.6 billion, hitting the $4 trillion mark.
Notably, this is the highest level since late 2021.) of diminishing spot 3 the same time, Bitcoin dominance noted a significant shift, dropping to 56.9%. This signaled “a material rotation into ETH and other large-cap altcoins” and “a material shift from the ‘flight to quality’ trend seen earlier in the year,” CoinGecko 4 main beneficiary was Ethereum, as will be discussed 5 market share rose to 12.5%, showing a renewed interest and capital inflows into 6 major altcoins benefited as well, including XRP (+0.5 percentage points), BNB (+0.7 p. p.), and SOL (+0.4 p. p.).
You may also like: Q1 2025: Bitcoin Boosts Dominance as Market Cap and Investor Activity Plunge The third quarter of 2025 was a significant one, posting substantial achievements, according to the latest crypto industry report by crypto data aggregator CoinGecko. Yet, despite Bitcoin (BTC)’s surge to a fresh ATH, major altcoins – particularly Ethereum (ETH) – strongly 7 crypto market recorded its third consecutive rallying quarter in Q3 this 8 is also the second consecutive quarter of “significant capital appreciation,” the report noted. Moreover, it was the... Altcoins In Focus, Bitcoin Lagging Altcoins strongly outperformed in Q3 this year, CoinGecko 9 was “the notable laggard” in the top 5 coins category, with a 6.4% 10 the same time, ETH led the list with a 66.6% rise, outperforming major altcoins and even hitting a new all-time high of nearly $5,000.) and institutional buy pressure from treasury companies such as Tom Lee’s Bitmine Immersion and Joe Lubin’s 11 the same time, BNB went up 53.6%, SOL 34.7%, and XRP 27%.
BNB exploded in Q3, also hitting an ATH, powered by closer integration with Binance via Binance Alpha and the perp DEX Aster success, says the report. Also, SOL reached a quarterly high of $248 with an influx of treasury companies. However, it lost momentum amidst a late-September market pullback and ETF approval 12 may also like: Sharplink Gaming Adds $80M in Ethereum to Strategic Reserve After Month-Long Lull Sharplink Gaming added 19,271 Ether worth about $80.37m to its strategic reserve on Monday, ending a month of quiet accumulation and signaling renewed conviction in the 13 purchase lifts the company’s holdings to 859,400 Ether valued at roughly $3.6b, placing it second among disclosed corporate treasuries behind BitMine, which holds about 3.24m Ether worth $13.5b.
ACY Securities said that the fresh buy fits Sharplink’s prior accumulation pattern and looks like positioning ahead... Speaking of ETFs… CoinGecko highlighted that BTC’s early surge followed continuous retail and institutional accumulation, particularly through Bitcoin ETFs . However, analysts also noted a reversal of the inflow trend at the end of 14 spot BTC ETFs recorded outflows amidst a general market 15 Spot BTC ETFs net inflows decreased from $12.8 billion in Q2 to $8.8 billion in 16 AUM grew by 16% from $143.4 billion to $166.3 17 the same time, US spot ETH ETFs noted $9.6 billion in net 18 was “by far the largest quarter and the first time it has surpassed BTC ETFs,” the report 19 AUM reached $28.6 billion, marking a 177.4% jump quarter-on-quarter.
Moreover, crypto digital asset treasury companies (DATCos) spent at least $22.6 billion in new crypto acquisitions in 20 was “by far the largest quarterly amount thus far.” Of this, altcoin DATCos accounted for $10.8 billion (47.8%). Overall, DATCos held some $138.2 billion worth of crypto by the end of 21 dominated with >50% share, while two ETH DATCos made the top 5 list (Bitmine Immersion and Sharplink). Stablecoin Market Cap Hits New ATH In the previous quarter, the top 20 stablecoin market cap surged by over 18%, with $44.5 billion, reaching a new ATH of $287.6 22 gainers are: Ethena’s USDe : jumped by 177.8% or $9.4 billion in market cap, with the market share growing from 2% to 5%, overtaking USDS as the third-largest stablecoin.
Tether’s USDT : saw the largest absolute increase, adding $17 billion to its market cap, while its market share fell from 65% to 61% due to the accelerated growth of other 23 market cap has continued to climb in early Q4, surpassing $300 24 the time of writing in late October, it stands at $312 billion, per 25 may also like: Japan Breaks New Ground with Launch of First Yen-Denominated Stablecoin Japan will debut the world’s first stablecoin pegged to the yen on Monday, a small but significant step in a market still dominated by cash and card 26 move aims to pull blockchain into everyday finance and test demand for a digital yen proxy.
JPYC, a Tokyo startup, said it will issue a fully convertible yen stablecoin backed by domestic bank deposits and Japanese government bonds (JGBs). The company plans to waive transaction fees at launch to spur usage, and instead earn... DeFi Surges DeFi Total Value Locked (TVL) was up 40.2% from $115 billion at the start of July to $161 billion at the end of September. ETH’s “outsized appreciation and the ongoing stablecoin narrative” fueled this surge, CoinGecko says.
Moreover, the DeFi sector’s market cap climbed to $133 billion shortly after ETH hit $3,000 in 27 late September, it hit the Q3 peak of $181 billion following a price jump of newly launched tokens from perpetual DEXes such as Avantis (AVNT) and Aster (ASTER) . DeFi’s market share increased from 3.3% in Q2 to 4% in Q3 28 and DEX In Q3, the top centralized exchanges (CEXes) recorded $5.1 trillion in spot trading 29 is a nearly 32% increase from Q2’s $3.9 30 was the largest gainer, rising +40.5%, climbing to #9. Bybit rose by 38.4%, moving from #6 to #3. Its monthly average volume moved above $120 billion, the level last seen in February before the hack .
Binance’s trading volume grew 40 QoQ for a cumulative $2.06 31 market share increased slightly to 40%. Coinbase ranked #10 32 volume rose by 23.4% but was still “outpaced by its rivals.” Meanwhile, the trading volume of the top 10 perpetual decentralized exchanges grew by +87% from $964.5 billion in Q2 to $1.81 trillion in 33 , Lighter , and edgeX are challenging Hyperliquid for the position of the largest Perp 34 latter had a 54.6% market share in Q3. “From an OI perspective, Hyperliquid still retains a sizeable lead amongst perp DEXes, with 75% share of OI as at October 35 other competitor had You may also like: Upbit Corners 72% of S Korean Crypto Market as Smaller Exchanges ‘Face Extinction’ South Korean industry officials are once again voicing concerns that the crypto exchange Upbit may be a de facto monopoly, with smaller competitors’ market presence becoming “insignificant.”The South Korean newspaper Seoul Kyungjae reported that, per data from the regulatory Financial Supervisory Service (FSS), Upbit’s share of total domestic crypto trading volumes was 71.6% in the first six months of 36 platform’s operator, Dunamu, is on the verge of a merger with Naver, the...
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