In this issue of Coin Metrics’ State of the Network, we take a data-driven overview of major developments that shaped digital assets markets and on-chain activity in Q2 2025.
Key Takeaways
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The total crypto market cap rebounded to $3.3T in Q2. Investor focus shifted toward equities tied to crypto infrastructure, with Robinhood (+116%) and Coinbase (+100%) outperforming. ETH (+37%), BTC (+31%), and SOL (+22%) all posted strong gains as markets turned risk-on.
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Stablecoins moved closer to mainstream legitimacy, as Circle’s IPO and momentum behind the GENIUS Act signaled growing investor interest and recognition of their role in global markets.
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Ethereum’s Pectra upgrade improved staking and scaling, with 35.5M ETH (29.4% of supply) now staked. Blob space remains underutilized, keeping blob fees near $0, while improving rollup economics and supporting Layer-2 growth.
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Exchanges and institutions continued their on-chain expansion. Robinhood announced plans to launch a rollup for tokenized RWAs, joining Coinbase and Kraken in adopting rollup-based infrastructure. Meanwhile, private networks like Canton are gaining traction for regulated financial use cases.
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