2025 Q3 加密行业报告

Core Insights - The cryptocurrency industry showed a comprehensive recovery and diversified development in Q3 2025, with significant breakthroughs in market size, asset performance, and ecological innovation [1][2] Market Overview - The total market capitalization of cryptocurrencies increased by $563.6 billion (+16.4%) in Q3 2025, reaching $4.0 trillion, marking two consecutive quarters of significant capital appreciation [10][11] - The average daily trading volume rebounded to $155 billion, a 43.8% increase from the previous quarter, indicating a sustained rise in market participation [10][11] - The top 30 cryptocurrencies saw a reshuffle, with USDe rising significantly in rank, while some previously prominent coins dropped out of the list [10] Asset Performance - Bitcoin reached a new all-time high of $123,561, closing the quarter with a 6.4% increase and a daily trading volume rebound of 28.4% [36] - Ethereum outperformed with a closing price of $4,215, a 68.5% increase, and reached a peak of $4,946 during the quarter, increasing its market share by 3.8 percentage points to 12.5% [1][2] - Other major cryptocurrencies like BNB and SOL also saw substantial gains of 53.6% and 34.7%, respectively [1][2] Stablecoin Market - The total market capitalization of the top 20 stablecoins reached a historic high of $287.6 billion, driven by significant growth in USDT and USDC [20] - The stablecoin market saw an influx of $44.5 billion (+18.3%) in Q3, surpassing the previous quarter's growth [20] DeFi and NFT Developments - The DeFi sector experienced a strong recovery, with total market capitalization growing by 40.2% to $161 billion, and total value locked (TVL) increasing from $115 billion to $161 billion [2] - The NFT market also showed significant improvement, with the trading volume of the top 12 blockchains increasing by 56.8% [2] Exchange Activity - Centralized exchanges (CEX) saw a 31.6% increase in trading volume among the top 10, while decentralized exchanges (DEX) experienced a 9.9% growth in spot trading volume [2] - The perpetual contract trading volume reached a record high of $24 trillion [2] Industry Dynamics - The net inflow for US spot Ethereum ETFs reached $9.6 billion, surpassing Bitcoin ETFs for the first time [2] - Digital asset holding companies (DATCos) reported a quarterly acquisition expenditure of $22.6 billion, the highest for a single quarter to date [2][29] - The performance of cryptocurrency-related IPOs was mixed, with some companies maintaining profitable stock prices [2][32]