Q2 2025 was an exceptional quarter for cryptocurrencies.
It didn’t necessarily feel that way. Bitcoin refused to break out of the $100,000 range, and other crypto assets traded mostly sideways.
But let’s consider what actually happened.
Paul Atkins, the most pro-crypto SEC chairman in history, has been confirmed.
Coinbase joins the S&P 500 index.
Stablecoin issuer Circle debuted with one of the most successful IPOs in a decade.
The number of companies with Bitcoin on their balance sheets has increased by nearly 60%.
Bitcoin was the world’s best-performing major asset, rising more than 30%. This is nearly three times the return on U.S. stocks and more than five times the return on gold.
It was a quarter of quiet progress that foreshadowed great things to come. One area of particular note is stablecoins and tokenized assets, where AUM has skyrocketed in recent months and shows no signs of slowing down (see pages 31-35).
Summer tends to be a sleepy time for cryptocurrencies, but the latest Bitwise Cryptocurrency Market Review suggests otherwise.
Dig into over 60 charts and tables to get the full story.
Bitwise Asset Management is a global crypto asset manager with over $15 billion in client assets and a suite of more than 40 investment products spanning ETFs, individually managed accounts, private funds, hedge fund strategies, and staking. The company has an eight-year track record and currently serves more than 5,000 private wealth teams, RIAs, family offices, and institutional investors, as well as 21 banks and broker-dealers. The Bitwise team of more than 140 technology and investment professionals is backed by leading institutional investors and has offices in San Francisco, New York, and London.
