Crypto markets posted a mild +1.99% YTD gain in H1 2025 after strong volatility, with Bitcoin leading performance amid diverging global monetary policy and rising institutional adoption.
Market cap fell 18.6% in Q1 but recovered 25.3% in Q2.
Bitcoin up +13% YTD, acting more like a high-beta asset than a safe haven.
BTC dominance peaked at 65.1%, with over 848.1k BTC held by 140+ firms.
Spot BTC ETFs drove institutional inflows; BTCFi TVL up 550% YoY.
Ethereum led L1s with upgrades and developer activity; Solana, BNB, and TON also expanded.
Ethereum L2s showed signs of saturation; Base and Arbitrum led in fee sustainability.
DeFi user base up 240% YoY; DEXs reached 29% of spot volume.
Stablecoin market cap hit $250bn; USDC fastest-growing with 61.5bn supply.
Tether's USDT accounts for ~73% of active addresses that utilize stablecoins.
Regulatory clarity improved: U.S. passed GENIUS Act, EU enforced MiCA.