dune analytics cover. Photo by BeInCrypto In 2025, crypto markets entered a data-defined era. For years, investors relied on halving cycles, on-chain, and TVL charts to read sentiment. But the framework reshuffled. This year, CEX spot volumes fell 27.7% while DEX activity grew 25.3%, and Henley counted over 240,000 crypto millionaires worldwide. With digital treasuries and institutions pouring billions, the question for 2026 is no longer where capital flows—but which on-chain metrics most reliably reveal ...