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.
