Main Takeaways
This blog summarizes the findings of the recent Binance Research report discussing key developments in crypto markets over the past month.
In April, the cryptocurrency market rebounded strongly, the 10.8% market cap increase driven in part by macro developments, such as the 90-day pause on tariffs imposed by the U.S. government.
Bitcoin demonstrated notable independence from traditional markets, reaffirming its resilience and value as a hedge against uncertainty.
Thanks to Binance Research, you can take advantage of industry-grade analyses of the processes shaping Web3. By sharing these insights, we hope to empower our community with the latest knowledge from the field of crypto research.
This blog explores key Web3 developments in April 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 May.
Crypto Market Performance in April 2025
In April, the cryptocurrency market cap rebounded strongly by 10.8%, likely influenced by a temporary 90-day pause on tariffs imposed by the U.S. government – excluding key trade partners like Canada, Mexico, and China. However, investor sentiment remained cautious due to ongoing macroeconomic uncertainty and persistent global trade tensions.
Bitcoin demonstrated notable independence from traditional markets. After briefly correcting to $75K, it recovered impressively, surpassing $90K by the month's end, reaffirming its resilience and value as a hedge against uncertainty. Bitcoin spot ETFs also saw significant inflows, highlighting increased investor interest.
In regulatory news, the U.S. saw several positive developments. Notably, the Internal Revenue Service (IRS) nullified reporting obligations for DeFi platforms, while U.S. bank regulators relaxed their stance, removing requirements for banks to report crypto activities to the Federal Reserve. Collectively, these actions can contribute to accelerating mainstream adoption and integration of digital assets into traditional finance.
Crypto market capitalization increased by 10.8% in April
Source: CoinGecko
As of April 30, 2025
Monthly price performance of the top 10 coins by market capitalization
As of April 30, 2025
In April, SUI was the standout performer, surging 54% on the wave of institutional exposure through Grayscale's dedicated trust and the SUI foundation’s virtual Mastercard partnership, significantly boosting daily active addresses and TVL.
Solana (SOL) also saw robust growth of 15.2%, spurred by Canada’s first spot SOL ETF and anticipation for similar filings in the U.S., with companies raising substantial funds specifically to accumulate SOL. Bitcoin (BTC) gained 13.2%, benefiting from market volatility and dollar weakness, reinforcing its appeal as a hedge and store of value. Arizona's historic legislation to establish a strategic BTC reserve and significant inflows into BTC spot ETFs further underlined the asset’s rising institutional profile.
Chainlink (LINK) rose by 7.6%, supported by large exchange outflows and increased adoption of its Cross-Chain Interoperability Protocol (CCIP) by major institutions like SWIFT and DTCC. XRP gained 5%, bolstered by the launch of Ripple’s RLUSD stablecoin and institutional interest in XRP ETFs, though gains remained tempered by the ongoing SEC lawsuit. ADA (+5.7%), DOGE (+4.3%), and TRX (+2.2%) experienced modest gains, with ADA benefiting from rising optimism regarding potential ETF approvals and stablecoin integrations.
ETH fell 2.6%, reflecting continued market uncertainty and increased competition, although a rebound occurred toward the month-end ahead of key network upgrades expected to boost scalability and staking efficiency. BNB slightly declined by 0.4% following a strong previous month, despite ecosystem enhancements including BNB Smart Chain’s (BSC) successful Lorentz hard fork, a substantial liquidity incentive program, and a quarterly burn of tokens worth US$916M. Positive developments on BNB chain, like Ethena's USDe stablecoin launch and Lista Lending’s introduction, suggest future growth opportunities despite muted short-term performance.
Decentralized Finance (DeFi)
TVL share of top blockchains
Source: DeFiLlama
As of April 30, 2025
In April 2025, DeFi total value locked (TVL) grew 3.3%, driven by favorable regulatory shifts such as the repeal of expanded IRS crypto broker rules affecting decentralized exchanges. The stablecoin market rose 1%, bolstered by progress on the U.S. STABLE Act, which sets rigorous federal oversight and strict reserve requirements for USD-pegged stablecoins, temporarily banning algorithmic variants. USDC further expanded its market share, rising to 26.2% and outpacing USDT.
Within the top DeFi ecosystems, BNB Chain, Solana, and Tron saw TVL gains, while Ethereum and Arbitrum lost market share. Users increasingly favor platforms offering quicker, cheaper transactions, reshaping competitive dynamics among DeFi networks.
Non-Fungible Tokens (NFTs)
Monthly NFT trading volume
As of April 30, 2025
April 2025 saw a 16.3 % slide in NFT sales volume as unique buyers fell to a four‑year low, suggesting withering demand despite broader crypto strength. Ethereum, still the dominant NFT chain, posted a 42.7 % sales drop, while Polygon surged into second place on the back of Courtyard’s tokenized‑collectibles boom. Several blue‑chip collections, like Bored Ape and Mutant Ape, bucked the trend with roughly 40% sales growth.
Marketplace dynamics also shifted: the lull in trading let OpenSea reclaim the top spot, attracting 2.1 million active wallets over the last quarter, even as rivals such as Magic Eden expanded through acquisitions. Overall, fading speculative fever, tighter macro conditions, and evolving real‑world‑asset use cases are redrawing the NFT landscape.
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 May 2025
Source: Cryptoevents, Binance Research
Largest token unlocks in US$ 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 also discusses the continuing multi-year uptrend of BTC dominance, the positive correlation between Bitcoin’s market cap and G4 M2 expansion, the rise in CeFi investment following favorable shift in crypto regulation, as well as the shift in on-chain value distribution towards application layer.
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.
