Binance Research on Key Trends in Crypto – July 2025
Main Takeaways
This blog summarizes the findings of the recent Binance Research report discussing key developments in crypto markets over the past month.
In June, the cryptocurrency market showed resilience, its total capitalization going up 2.6% despite heightened volatility driven by geopolitical tensions.
The stablecoin market grew 2.6% amid supportive U.S. regulatory developments, notably the advancement of the GENIUS Act. USDC’s market share edged up to 24.4%, though USDT remained the dominant stablecoin.
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This blog explores key Web3 developments in June 2025 to provide an overview of the ecosystem’s current state. We analyze the performance of crypto, DeFi, and NFT markets before previewing major events to look out for in July.
Crypto Market Performance in June 2025
In June, the total cryptocurrency market capitalization saw a modest 2.6% rise despite heightened volatility driven by Middle East geopolitical tensions. Concerns over global energy disruptions initially pushed asset prices down, with bitcoin dropping below the US$100,000 mark. However, easing tensions helped restore market confidence.
Bitcoin showcased strong resilience, boosting its market dominance to 65% — the highest level since early 2021 — as investors gravitated toward the perceived stability and liquidity of BTC over altcoins in uncertain macroeconomic conditions.
Meanwhile, spot crypto ETFs attracted solid inflows, underscoring sustained institutional and structural demand. These inflows have supported market liquidity and sentiment, reinforcing investor confidence and helping stabilize prices despite ongoing volatility.
Monthly crypto market capitalization increased by 2.62% in June
Source: CoinGeckoAs of June 30, 2025
Monthly price performance of the top 10 coins by market capitalization
Source: CoinMarketCapAs of June 30, 2025
In June, HYPE led the crypto market gains, soaring 24.7% as it cemented its status as the top DEX and surpassed US$1.6 trillion in cumulative trading volume. The token also received a major boost from institutional backing, including Lion Group Holdings’ US$2 million purchase. BCH followed with a strong 20.7% jump driven by technical breakouts, while BTC posted a steady 3.9% gain and reached a new dominance milestone of 65%, underscoring its resilience as investors sought stability.
Meanwhile, ETH and SOL faced modest declines, slipping 1.4% and 2.2%, respectively. ETH’s on-chain activity remained strong despite its price pullback, while Solana struggled with network congestion due to spam and bot transactions. BNB dipped slightly by 0.5% and XRP eked out a small 0.8% gain as legal uncertainties continued.
On the downside, ADA and DOGE emerged as the biggest losers, falling 16.5% and 12.7%, respectively. ADA was hit by the SEC’s delay of the Grayscale ETF decision and the postponed Chang hard fork, dampening sentiment around its governance plans. DOGE suffered from weak demand and inflationary concerns, further amplified by a massive whale transfer to Robinhood that fueled additional selling pressure.
Decentralized Finance (DeFi)
TVL share of top blockchains
Source: DeFiLlamaAs of June 30, 2025
In June 2025, DeFi Total Value Locked (TVL) slipped by 2.2% month-on-month as geopolitical tensions pushed investors toward a risk-off stance. While Ethereum strengthened its market share among top DeFi ecosystems, BNB Chain, Solana, and Arbitrum saw slight declines, and Tron faced a sharp US$2 billion TVL outflow as DEX activity dropped 62%. Meanwhile, the stablecoin market grew 2.6% amid supportive U.S. regulatory developments, notably the GENIUS Act. USDC’s market share edged up to 24.4%, though USDT remains the dominant stablecoin by a wide margin.
Non-Fungible Tokens (NFTs)
Monthly NFT trading volume
Source: CryptoSlam As of June 30, 2025
In June 2025, total NFT sales volume grew by 7.2%, buoyed by a late-month crypto market rebound. Ethereum-based NFT sales fell sharply by nearly 50%, losing its top position to Immutable, which skyrocketed 215% thanks to the success of Guild of Guardians. Polygon sales also dropped 44%, moving it to third place, while Courtyard by Polygon held strong with a 12% sales increase.
Despite overall cautious sentiment and slower market growth, NFTs are seeing steady adoption in the gaming sector. This expanding use case highlights their evolving utility beyond collectibles, signaling promising long-term value and innovation within the space.
Upcoming Events and Token Unlocks
To help users stay updated on the latest Web3 news, the Binance Research team has summarized notable events and token unlocks for the month to come. Keep an eye on these upcoming developments in the blockchain space.
Notable Events in July 2025
Largest token unlocks in USD terms
Source: CryptoRank, Binance Research
Binance Research
The Binance Research team is committed to delivering objective, independent, and comprehensive analyses of the crypto space. We publish insightful takes on Web3 topics, including but not limited to the crypto ecosystem, blockchain applications, and the latest market developments.
This article is only a snapshot of the full report, which contains further analyses of the most important charts from the past month. The full report dives into the comparison of Bitcoin with equities’ price fluctuation in the face of geopolitical risk, how public markets are pricing crypto exposure, stablecoins supply crossing historic high, and how DEX/CEX Spot Ratio hits all-time-high, indicating the continuing shift of crypto activity from centralized into decentralized landscape.
Read the full version of this Binance Research report here.
Further Reading
Disclaimer: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice and is not a recommendation, offer, or solicitation to buy or sell any securities or cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer; they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive, and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given, and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ‘forward-looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies, or any investment strategy, nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase, or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.