Binance Research’s ‘10 Charts Shaping 2025’ Report: Public Companies Hold 1.07M BTC, With MicroStrategy Accounting For 59%
In Brief
Binance Research’s August 2025 report highlights strong cryptocurrency market growth, record institutional accumulation, and structural shifts across DeFi, staking, and tokenized assets.
Binance Research, the research arm of the cryptocurrency exchange Binance published a market analysis report for August 2025 titled “10 Charts Shaping 2025.”
The study noted that cryptocurrency markets have performed strongly throughout the year, with total market capitalization rising by more than 9.9% on a year-to-date basis and over 58.1% compared to the previous year. Following a brief correction in the first quarter, the sector experienced a significant rebound in the second quarter, breaking multiple all-time highs across major digital asset categories, with the momentum extending into the third quarter.
The report identified several influential factors shaping the market in 2025. On the macroeconomic front, volatility was influenced by trade policies, including tariffs introduced by the Trump administration, ongoing geopolitical tensions in the Middle East, uncertainty surrounding global monetary policy, and liquidity dynamics linked to the growth of global M2 supply. Regulatory developments in the United States provided greater clarity, including the approval of significant stablecoin legislation and the initial steps toward establishing a strategic Bitcoin reserve, although implementation has so far been limited to three states. This more favorable policy environment facilitated the public listing of crypto-native companies such as Circle, encouraged the submission of new altcoin exchange-traded fund (ETF) applications, and supported staking features within spot ETH ETFs. Both Bitcoin and Ethereum experienced notable institutional accumulation, driven by announcements from corporate treasuries signaling allocation plans.
On the ecosystem side, development across blockchain networks remained broad-based. Ethereum’s Pectra upgrade, introduced in May, improved scalability and added new staking flexibility, while the BNB Chain’s Maxwell upgrade reduced block confirmation times. Decentralized finance (DeFi) activity expanded, with Hyperliquid emerging as a leader as the gap between centralized and decentralized exchange trading volumes continued to narrow. The strengthening of on-chain infrastructure and the expansion of stablecoin liquidity further supported growth in areas such as on-chain lending and the tokenization of real-world assets (RWAs). These advancements were bolstered by regulatory shifts, including the US Securities and Exchange Commission easing restrictions on DeFi platforms and clarifying that liquid staking tokens would not be classified as securities. Although impacts varied across different market categories, the report emphasized that much of the current cycle remains in progress. Within this context, ten critical charts were highlighted as central to understanding the direction of cryptocurrency markets in 2025.
Crypto Market Growth In 2025 Fueled By ETF Inflows, Liquidity Expansion, And Strong Bitcoin And Ethereum Performance
According to the findings presented by Binance Research, cryptocurrency markets have experienced strong performance in 2025, with total market capitalization increasing by 9.9% year-to-date, representing an expansion of over $600 billion in value. After a short correction during the first quarter, the sector recovered sharply in the second quarter, reaching successive all-time highs in Bitcoin and other leading digital assets, with momentum continuing into the third quarter.
Global M2 liquidity climbed to its highest level in four years, marking the largest six-month increase since 2021. While the Federal Reserve has maintained a firm policy stance, quantitative tightening has been concluded, and indications have been given that a pivot may occur if conditions warrant. At the same time, monetary policies in other major economies remain accommodative, creating an overall environment supportive of risk-taking and reinforcing investor interest in digital assets.
Both Bitcoin and Ethereum have outperformed traditional benchmarks, with Ethereum leading gains at approximately 36% and Bitcoin rising by around 18%. Bitcoin’s performance has highlighted its ability to act as both a macro hedge and a short-term risk-on asset, underscoring its role as a diversification tool within portfolios. US spot Bitcoin and Ethereum ETFs have drawn more than $28 billion in net inflows in 2025, becoming a central driver of trading activity within cryptocurrency markets. With the potential introduction of altcoin ETFs, these investment vehicles are increasingly emerging as a structural source of liquidity.
Cumulative inflows into spot cryptocurrency ETFs since their inception now exceed $52 billion, with holdings surpassing 1.29 million Bitcoin, valued at roughly $154 billion. BlackRock has established a dominant position with over $58 billion in assets under management, outpacing Fidelity at approximately $12 billion, suggesting a possible winner-takes-all trajectory in this space. Ethereum ETFs, after a slower start, have begun to attract consistent inflows, while ongoing discussions regarding altcoin ETFs point to broader accessibility for investors.
Unlike short-term speculative capital, ETF allocations generally remain more stable, providing enduring liquidity within regulated markets. The recent adoption of in-kind redemptions, which reduce reliance on cash transactions, has further enhanced efficiency by lowering volatility and minimizing frictions for large-scale investors. These developments make ETF-driven flows increasingly attractive as a structural component of market activity. Looking ahead, potential policy changes, such as the integration of cryptocurrency ETFs into 401(k) plans and pension fund allocations, could amplify these inflows, positioning ETFs as a key driver of liquidity, price formation, and the broader evolution of cryptocurrency market cycles.
Bitcoin Dominance, Record Ethereum Staking, Stablecoin Expansion, And Institutional Accumulation Define 2025 Market Cycle
Bitcoin’s market dominance expanded in 2025, rising from around 40% to approximately 65.1%, marking a cycle led by BTC amid macroeconomic uncertainty and strong structural demand from ETFs, institutional treasuries, and reserve allocations. More recently, dominance has eased to roughly 57.2%, a level that is viewed as an indicator of capital rotation toward altcoins as broader market conditions evolve.
Ethereum staking also reached a historic milestone, with 35.8 million ETH staked, supported by the Pectra upgrade and growing institutional participation. This accounts for nearly 29.7% of total ETH supply and has introduced a substantial liquidity shock, reinforcing Ethereum’s long-term positioning. The May 2025 Pectra upgrade, particularly through EIP-7251, enabled validators to raise their maximum effective balance from 32 ETH to 2,048 ETH, allowing larger holders such as institutions and exchanges to consolidate operations, lower costs, and enhance efficiency. This resulted in unprecedented levels of staking, signaling stronger confidence in Ethereum’s security model, the yield-generating potential of ETH, and its reduced liquid supply. Institutional involvement has played a central role in this trend, with ETH-focused treasuries and funds increasingly integrating staking into portfolio strategies as a revenue-generating mechanism. Staking participation may continue to grow further, especially if additional ETH-specific demand catalysts or supportive regulatory frameworks emerge. The SEC’s recent determination that liquid staking tokens are not securities has provided important clarity and improved transparency for this segment of the market.
The stablecoin sector has also expanded considerably, with supply increasing more than 35% to reach a record level of approximately $277.8 billion. This growth reflects renewed capital inflows and higher purchasing power within cryptocurrency markets, while clearer regulations have strengthened the legitimacy of stablecoins and broadened their applications beyond trading into payments and settlement functions.
Corporate cryptocurrency holdings have accelerated as well. Public companies now collectively hold around 1.07 million BTC, equivalent to 5.4% of circulating supply, with MicroStrategy accounting for close to 59% of these reserves. Ethereum holdings by corporations have also expanded fast, increasing by 88.3% in a single month to 4.36 million ETH, or about 3.4% of total supply, marking the largest monthly rise to date. Over 70 entities now hold ETH exposure, with these positions representing roughly two-thirds of the ETH assets managed by ETFs. ETH-focused ETFs themselves have grown 12.4% in recent months, reaching over 6.6 million ETH in total holdings.
This expansion reflects increasing institutional appetite for direct ETH exposure that goes beyond ETF allocations, driven by factors such as staking yield opportunities, Ethereum’s deflationary supply model, and its role as the foundational asset supporting DeFi ecosystems and tokenized markets. However, questions remain about the sustainability of such strategies given Ethereum’s higher volatility relative to Bitcoin and the broader uncertainties shaping future market developments.
Decentralized Trading, DeFi Lending, And Tokenized Equities Drive Structural Shifts In 2025 Crypto Markets
In 2025, the balance between decentralized and centralized trading activity shifted notably, with the decentralized-to-centralized exchange ratio reaching unprecedented levels. Decentralized exchanges accounted for as much as 23.1% of spot market activity and 9.3% of futures trading, reflecting a sustained movement of trading volumes toward on-chain venues. This increase underscores the growing relevance of decentralized platforms as they capture a larger share of market participation, supported by advances in protocol design, improved user experience, and stronger liquidity conditions.
The DeFi sector also expanded, with lending activity showing particularly strong momentum. Total value locked in DeFi lending protocols rose by approximately 65%, reaching a record high of around US$79.8 billion. Borrowing volumes increased by roughly 80% during the same period, driven by higher utilization rates across on-chain money markets. The acceleration of activity in this area indicates deeper integration of decentralized credit markets into the broader ecosystem, with participants increasingly relying on these protocols for efficient access to liquidity and yield opportunities.
Tokenization of traditional financial instruments continued to gain traction, with tokenized equities climbing to nearly $349 million in 2025. This development was facilitated by the entry of both cryptocurrency exchanges and established brokerage firms, signaling a convergence between digital asset markets and conventional finance. Trading activity in tokenized equities peaked in July before stabilizing at around $145 million in daily volume. Centralized exchanges are currently at the forefront of this trend, capturing the majority of trading activity during its early stages. Growth in this segment has been supported by steady user adoption, increasing regulatory clarity, and rising interest across the financial industry, suggesting that tokenized equities are moving from experimental implementation toward a phase of more structured expansion.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
