Crypto Market Q2 2025 Report: Total Market Capitalization Rebounds Significantly, DEX Volume Hits New Highs

In the second quarter of 2025, the crypto market experienced a strong rebound, with the total market capitalization soaring by 24% to $3.5 trillion, nearly recovering to the high point level at the beginning of the year. This growth was mainly attributed to Bitcoin once again breaking through the $100,000 mark and the investment frenzy triggered by the successful listing of a stablecoin issuance company.

Despite the overall positive market, the spot volume has declined for the second consecutive quarter. A large amount of funds has flowed into Bitcoin, pushing its market capitalization to over 62%, while other cryptocurrencies struggle to regain momentum. Ethereum has shown strong performance with significant quarterly gains, but it has still not returned to its opening price at the beginning of the year.

Meanwhile, trading behavior is undergoing a significant shift. The spot and perpetual contract volume of the decentralized exchange (DEX) has reached an all-time high, with a certain DEX and a certain perpetual contract platform performing exceptionally in their respective fields. As the trading volume of centralized exchanges (CEX) declines, traders are increasingly turning to DEX, indicating that the way of cryptocurrency trading is experiencing a broader transformation.

Here are the seven highlights of the crypto industry in the second quarter of 2025:

1. The total market capitalization of cryptocurrencies rebounded by 24.0%, reaching 3.5 trillion USD, close to the yearly high.

2. Bitcoin rebounded to over $100,000 this quarter, setting a new all-time high, and its market capitalization share in the total crypto market rose to 62.1%.

3. The price of Ethereum rose from $1805 to $2488, but still below the opening price of $3337 at the beginning of 2025.

4. The first major IPO in the cryptocurrency sector in 2025 was oversubscribed by 25 times, with its stock price reaching a high of $299, an increase of 864.5% from the issue price.

5. Despite the market rebound, the spot trading volume of CEX in the second quarter of 2025 decreased by 27.7% month-on-month, to $3.9 trillion.

6. In contrast, the spot trading volume of DEX increased by 25.3% month-on-month, setting a new historical record for the DEX:CEX trading volume ratio.

7. In the second quarter of 2025, the volume of perpetual contracts traded on DEX also reached a historic high of 898 billion dollars.

Market Overview

In the second quarter, the total market capitalization of cryptocurrencies rebounded to $663.6 billion, an increase of 24.0%, closing the quarter at $3.5 trillion. This followed an 18.6% decrease in the first quarter, and this rebound marks a complete turnaround for the market, returning to near the highs of the year.

Despite the market's recovery, the average daily volume continues to decline, down 26.2% month-on-month, to $107.8 billion. This marks the second consecutive quarter of shrinkage in spot trading activity. The trading volume for the first quarter of 2025 was $146 billion.

Bitcoin's Dominance Rises

In the second quarter of 2025, Bitcoin's dominance continued to rise, increasing by 3 percentage points from the previous quarter and by 7.6 percentage points year-to-date. As funds continued to flow into Bitcoin rather than other cryptocurrencies, Bitcoin's dominance reached 62.1% at the end of the quarter.

Meanwhile, Ethereum rose slightly by 0.8 percentage points to 8.8%, recovering slightly from the multi-year low in the first quarter. Among the top seven cryptocurrencies, Ethereum is the only non-Bitcoin cryptocurrency whose market share has increased. The market share of stablecoins and other large cryptocurrencies has slightly decreased.

The market share of the "Other" category fell by 2.0 percentage points to 13.7%, highlighting the continued weakness in the small-cap crypto market.

Ethereum Performance

ETH closed at $2488 at the end of Q2 2025, up 36.4% from the beginning of the quarter. Its performance outpaced other major cryptocurrencies such as BTC, SOL, XRP, and BNB. However, it has not yet reached the opening price of $3337 at the beginning of 2025.

Although ETH showed bullish momentum in the second quarter, its volume dropped from an average daily of $24.4 billion in the first quarter of 2025 to an average daily of $19.5 billion. Although institutional investors are still increasing their positions, this phenomenon may suggest that large trades are being conducted through over-the-counter brokers.

The average Gas cost in the second quarter continued to decline, with a daily average dropping to 3.5 Gwei, down from 6.9 Gwei in the first quarter. However, the daily average number of transactions in the second quarter increased, reaching 1.3 million, higher than the 1.2 million in the first quarter.

Major IPOs Spark Listing Frenzy

On June 5, 2025, a stablecoin issuance company was listed on the New York Stock Exchange, causing a huge sensation among cryptocurrency companies seeking to go public in the United States. Although there were initial concerns about its valuation, the listing was a tremendous success, with oversubscription exceeding 25 times.

The company's stock price fluctuated dramatically after it was listed. Although the issue price was $31 per share, the closing price on the first day reached $83.23. In the following days, its stock price more than doubled, reaching an all-time high of $298.99 on June 23, an increase of 864.5% compared to the issue price.

The success of this IPO has led to higher expectations for other rumored crypto companies that are about to go public.

Decline in CEX volume

In the second quarter of 2025, the spot trading volume of leading CEXs was $3.9 trillion, a decrease of 27.7% from $5.4 trillion in the first quarter.

A leading exchange remains the dominant player in the spot CEX, maintaining a market share of 37% to 39% throughout the quarter. However, its volume was below 500 billion in both April and June. Despite a bullish market in the second quarter, with Bitcoin breaking its all-time high in May, the situation remains the same.

It is worth noting that only three exchanges achieved quarter-on-quarter growth, with increases of 3.7%, 5.4%, and 3.0%, respectively. Two of these now rank second and third, replacing the previously top-ranked exchanges.

Meanwhile, a well-known exchange experienced the largest month-on-month decline, dropping from $560.2 billion in the first quarter to $216.4 billion in the second quarter, a decrease of 61.4%. After holding the second position in the first two quarters, it has now become the eighth largest exchange.

DEX volume hits a new high

In the second quarter of 2025, the total spot trading volume of the top ten DEX reached 876.3 billion USD, an increase of 25.3% compared to 699.2 billion USD in the first quarter. With the significant growth in trading volume, the ratio of DEX to CEX spot trading volume rose from 0.13 in the first quarter to 0.23 in the second quarter, setting a new historical high.

A certain DEX platform is the one with the largest quarter-on-quarter growth, increasing from $61.4 billion in the first quarter of 2025 to $392.6 billion in the second quarter, a growth rate of 539.2%. It has now become the largest DEX, accounting for 45% of all transactions in the second quarter. This is mainly due to the new product launched in May, which facilitated transactions through this platform. This also made a certain public chain the most popular chain for DEX transactions, surpassing Ethereum, Base, and Solana.

At the same time, several Solana-based DEX platforms have seen declines, with quarterly comparisons dropping by 40.5%, 56.8%, and 73.4%, respectively. As market attention shifted from Solana and meme coins in the second quarter, volume flowed to other chains.

DEX perpetual contract volume hits a new high

In the second quarter of 2025, a certain perpetual contract platform's dominant position among the top ten perpetual DEXs continued to strengthen, with a market share of 72.7%. Its volume reached 653.2 billion USD, ranking eighth among both centralized and decentralized exchanges.

Among the top ten, only four platforms saw an increase in volume. In particular, one of them doubled its volume month-on-month after introducing a new trading model.

A certain platform that once led the development of perpetual DEX has seen its volume continue to decline. In the second quarter, its average monthly volume was $5.3 billion, which is only half of that in January 2025.

Overall, the crypto market in the second quarter of 2025 presents a complex pattern. Although the total market capitalization has rebounded significantly, trading behavior is undergoing a major shift, with the rise of DEXs and the decline of certain CEXs reflecting deep structural changes in the market. With a new wave of listings and the emergence of innovative platforms, the encryption industry is entering a new stage full of opportunities and challenges.