Crypto Market Review (Q1 2025)
San Francisco • Apr 16, 2025
Q1 2025 can be summed up in one word: frustrating. The first pro-crypto president took office—and crypto prices dropped sharply.
So, where does crypto go from here?
Our latest quarterly report aims to provide some answers. While prices disappointed, several areas showed impressive momentum:
Stablecoin AUM surged to an all-time high of over $218 billion, up more than 13% quarter-over-quarter.
Tokenized real-world assets went parabolic in Q1, growing 37% quarter-over-quarter to a new all-time high.
Regulated bitcoin futures trading volume and open interest also hit record highs, suggesting growing institutional interest in crypto as a macro trading asset.
For an in-depth look at these Q1 developments and a glimpse into what’s next, check out the latest Bitwise Crypto Market Review—featuring over 60 charts and tables.
Download the Full Report
Access this report for key data points that shaped crypto markets in recent months.
Bitwise Asset Management is the largest crypto index fund manager in America. Thousands of financial advisors, family offices, and institutional investors partner with Bitwise to understand and access the opportunities in crypto. For seven years, Bitwise has established a track record of excellence managing a broad suite of index and active solutions across ETFs, separately managed accounts, private funds, and hedge fund strategies. Bitwise is known for providing unparalleled client support through expert research and commentary, its nationwide client team of crypto specialists, and its deep access to the crypto ecosystem. The Bitwise team of more than 90 professionals combines expertise in technology and asset management with backgrounds including BlackRock, Millennium, ETF.com, Meta, Google, and the U.S. Attorney’s Office. Bitwise is backed by leading institutional investors and has been profiled in Institutional Investor, Barron’s, Bloomberg, and The Wall Street Journal. It has offices in San Francisco, New York, and London.
